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Bucharest's Newest Luxury Destination - H Știrbei Palace by HAGAG Development Europe - is set to place Romania on the Map of Luxury Shopping Destinations
In this context, HAGAG Development Europe is delighted to announce the exclusive involvement of CBRE Romania in the leasing strategy of H Știrbei Palace - a class A, iconic, historical monument located in the heart of Bucharest on the emblematic Calea Victoriei, with extraordinary visibility and exposure, and one of the most anticipated retail projects in Romania's capital city.
"We are delighted to join forces with CBRE, whose outstanding reputation and track record in the real estate realm speaks for itself. This partnership reiterates our commitment to place Romania on the map of luxury shopping destinations and validates the enormous potential of H Știrbei Palace, while marking an important step in our strategy to attract exclusive brands and offer customers a unique shopping experience.", said .
With an impressive history of about 200 years and a unique architectural presence, the former protocol royal residence of Prince Barbu Știrbei is currently undergoing comprehensive restoration, consolidation, renovation works, and will be facing the world again by mid-2025. Once completed, H Știrbei Palace aims to become a flagship shopping gallery for luxury brands in the Southeast European region.
"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 Central and Eastern Europe , with remarkable results. Our goal is to transform Știrbei Palace into the city's luxury shopping destination, bringing Calea Victoriei back to the world's most important commercial arteries. We believe this project will significantly contribute to the development of the luxury retail market in Romania and strengthen Bucharest's position as a top shopping destination," said .
In this mandate, CBRE Romania is focused on attracting premium and luxury retailers, responding to significant demand from this segment. The increased interest shown in recent discussions confirms the robust potential of the Romanian market.
The luxury retail market in Romania is on a continuous rise, with Bucharest becoming an increasingly attractive destination for premium brands. This 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.
According to a market report published by CBRE Romania, there was an increase in prime rents for high-street locations in the first quarter of 2024, reflecting the dynamism of this segment.