Michael Lloyd, Chairman, Quintet Asset Management:

“Whilst real estate is a great way to make money it is also a great way to lose money”

Michael Lloyd, Chairman of Quintet Asset Management thinks the revival of the Romanian real estate market will begin in 2011 - 2012 as it was later to go into recession than many other economies. “Whilst real estate is a great way to make money it is also a great way to lose money. It looks easy, but there is a long history of real estate professionalism, for a very good reason, it is the amateurs that get most burned!” he said in an interview for REIS 2010 ANNUAL REPORT.

You can read more info on the activity of Quintet Asset Management as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects etc.

Andrei Diaconescu, Managing Partner, Capital Partners:

“Work is not an optional behaviour”

Andrei Dianconescu, Managing Partner of Capital Partners believes that the real estate recession will change the mentality in the Romanian business environment: “Work is not an optional behavior. Before the crisis many people got rich overnight through the increase in value of their properties and they simply laid back and treated real work as an accessory because the value of their properties was anyway going up, and obviously there was no need for supplementary effort on their behalf. Two years into the crisis, people have started to be much more serious about their work and understand the volatility of investments much better. This trend will help Romania’s competitiveness and well-being on the long run” he said in an interview for REIS 2010 ANNUAL REPORT.

You can read more info on Capital Partners’ activity as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects etc.

Ionut Dogaru, Country Executive Director, Grupo Lar:

“In European countries, 9-11 sq m bedrooms are not a shock for anybody”

Ionut Dogaru, Country Executive Director of Grupo Lar in Romania says that due to the lack of investors the only clients for new residential developments are the ones who really need a home or the ones who want to improve their living standard. “Although those type of customers are numerous, the level of their incomes is unfortunately pretty low. So, in the near future we will see a demand for a cheap product: this means small surfaces and low costs for construction and land. This is actually the type of successful product in European countries where 9-11 sq m bedrooms are not a shock for anybody and where living in the city center is really a luxury”, he said in an interview for REIS 2010 ANNUAL REPORT.

Besides the on-going residential projects, Natura Residential and Serena Apartments, Grupo Lar owns three plots of land: a 6,000 sq m one in the western area of Bucharest and two large parcels of 1.8 hectares in Cluj-Napoca. “We have to find architectural and technical solutions for optimizing the surfaces and costs” he also said in regards to the future projects on those sites.

You can read more info on Grupo Lar’s activity in Romania as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects etc.

Shimon Galon, General Manager, GTC Romania:

“No such benefit out of this crisis”

As opposed to other managers on the local market, Shimon Galon, the general manager of GTC Romania says he doesn’t see any benefit out of this crisis: “I don’t know how the market will react until we will have a normal situation. What is happening now is destroying the infrastructure of the real estate market: constructors, investors, subcontractors are leaving. It is going to be a long time until we will have the execution power from three-four years ago. Real estate is the locomotive that pushes the economy back or forth . When it stops, the ones behind are suffering just the same”, he said in an interview for REIS 2010 ANNUAL REPORT.

Galon thinks that the “First House” program had favorable effects on the market, but the guarantee level is too low for new apartments: “Establishing this level, the Government is setting a lower living standard for the Romanians, encouraging them to buy old apartments. The level should be at around 80,000 – 90,000 EUR so that people can buy a decent, new apartment.”

You can read more info on GTC’s activity in Romania as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects

Reuven Havar leaves AFI, the developer is to start works on 25,000 sq m office scheme near AFI Cotroceni

Reuven Havar, CEO of AFI Europe Romania, will leave this position he told in an interview for REIS 2010 ANNUAL REPORT: “I am going to leave the company at the end of February and the CEO of AFI Bulgaria will take over my attributions”, he said. Havar would not comment upon his new venture, saying just that he will work for a developer that has investments on the local market as well.

Havar also said that AFI Europe will start construction works at a new 25,000 sq m office development this year, following a “built to suit” agreement with a bank, who is going to buy the project once finalized. The offices will be built near AFI Cotroceni. The initial plans of the project stipulated that the second and third phases of the project will consist of four Class A office buildings and a five star Hotel, totalling 60,000 sq m of GLA, serviced by 1,000 under ground parking places.

According to the AFI-Europe web-site, the CEO of AFI Europe Bulgaria is Shimon Ben Hamo, who joined AFI Europe in 2008. He was previously head of the Structural Changes Division of the Israeli Government Companies Authority (GCA), and has been a major contributor to reforms in the port, roads, electricity, water, and railway sectors. Hamo holds a BA and MA in Economics, and an MBA from the Hebrew University of Jerusalem.

Havar joined AFI Group in 1999 as the manager of the projects and operations in the Czech Republic. He has been the CEO of AFI Europe in Romania since 2006. Havar holds a BA in Economics and Administration from Bar Ilan University and also an MBA.

You can read more info on AFI Europe’s activity in Romania as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects etc.

Troy Javaher, the new managing director of JLL Romania:

“Doing an excellent job for your client doesn’t always help the entire market”

“Looking back at the America House deal, I realize that doing an excellent job for your client doesn’t always help the entire market” Troy Javaher, the new managing director of Jones Lang LaSalle (JLL) Romania said in an interview for REIS 2010 ANNUAL REPORT.

Javaher was recently appointed as the new managing director for Romania, following the appointment of Thierry Delvaux as the managing director of the JLL International Business Desk (‘iDesk’), based in Washington.

Javaher’s investment experience spans all sectors including large-scale hotel and mixed-use projects, as well as development experience in the multi-family residential sector in the United States. Javaher has extensive professional experience in the South Eastern European region dating back to 1998.

You can read more info on JLL’s deals in Romania as well as on the entire real estate market in the new publication edited by Evensys. REIS 2010 ANNUAL REPORT will include market analyses, profiles of top management and a comprehensive directory of agents, developers, investors, banks, lawyers, property & facility managers, constructors, architects etc.