The first 100 million-euro transaction since March 2008, therevival of lorry sales and the fact that exports continued their28% growth rate are signals that the economy can return to growthin 2011.
The real estate market, corporate lending and even the stockexchange, by announcing future listings, are showing the firstsignals that the Romanian economy is trying to pick itself up aftertwo years of recession, primarily with the aid of exports, amid therecovery of economies in the euro zone.
The last transaction worth over 100 million euros was sealed inRomania in March 2008. At the end of last week, a group of SouthAfrican investors and UK's Robert Neale struck a deal in Bucharestfor the purchase of Floreasca Business Park in northern Bucharest,an over 100 million-euro deal struck just three weeks after Auchanand two Belgian investors paid over 30 million euros for 12hectares of land at Electroputere Craiova.
What does this mean? There is still money for real estateinvestments and some foreign investors see a business potential inRomania and expect a return to economic growth. Is this another"fata morgana" or are these the "first seagulls" signalling thatthe shore is close, as lawyer Ion Nestor recently wondered in aninterview to ZF?
Blake Horsley, manager of the investments department of Colliers,which acted as a consultant in the Floreasca Business Parktransaction, does not provide details on the deal concluded lastweek, but says "Over the next 12 months we will see moretransactions involving quality properties at more competitiveprices for sellers. (...) There is an opinion on the market,according to which 2011 could see Romania become a target forinvestors who will buy interesting assets for specialised realestate funds, which are as yet absent from the market, but whichwill come later.
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