Real estate investor-developer HAGAG Development Europe and real estate consulting agency CBRE Romania have signed an exclusive agreement to place Romania on the map of luxury shopping destinations.
H Știrbei Palace is undergoing comprehensive restoration, consolidation and renovation works to become a flagship shopping gallery for luxury brands in southeastern Europe. It is scheduled to open in 2025.
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The property has a 200-year history and is the former royal residence of Romania’s Prince Barbu Știrbei.
HAGAG and CBRE Romania are hoping to establish the country as a leader in the European luxury retail market, which was valued at $109.8bn in 2022 and is expected to grow at a compound annual growth rate of more than 5% by 2027.
Bucharest is becoming an increasingly attractive destination for premium brands. The trend is fuelled by the development of prestigious real estate projects, including 13 new five-star hotels planned by 2028 which will host brands such as Corinthia, Mondrian, Hyatt and Kempinski.
HAGAG leasing director Ana-Maria Nemțanu commented: “This marks an important step in our strategy to attract exclusive brands and offer customers a unique shopping experience.”
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By GlobalDataCBRE Romania head of retail occupiers CEE (Central and Eastern Europe) Carmen Ravon added: “H Știrbei Palace is the ideal project for luxury brands seeking a strategic presence in Europe, in a premium location. Romania’s retail market has proven its resilience and potential in CEE.”
