€5 Million Transaction: Offices to Follow on the Site of the Former Grivita Brewery in Bucharest

The Grozavesti area is emerging as a new office hub. The latest move comes from the Lithuanian developer Hanner, which has acquired the site of the former Grivita brewery for the sum of 5 million euros. Although they have focused on the residential segment until now, the Lithuanians will develop their first mixed-use project in Romania here, which will include modern office spaces.

Brewery LandThe site of the former „Grivita” Brewery in the capital has attracted the attention and capital of the Lithuanian developer Hanner, primarily known for the residential project The Park in the Tineretului area. Located in the Grozavesti area, the 11,000 sqm plot belonged to the Romanian company Kiseleff Development, which announced in the spring of 2014 that it would build a modern real estate complex here. In the meantime, plans have changed, and the five-million-euro acquisition marks Hanner’s entry into the local office market.

„After nearly 10 years of presence in Romania, during which we have developed several residential projects, we believe it is time for a major investment to demonstrate Hanner’s expertise in other sectors of the real estate market. The Grozavesti area is in continuous development and is already taking shape as a new office pole, so it was a natural choice for Hanner’s first mixed-use development in Romania, which will include a generous area of modern office spaces developed according to the highest standards in design and technology,” stated Mindaugas Valuckas, CEO of Hanner Holding, a company that has invested over 60 million euros in Romania to date across three residential projects (The Park, Carol Park Residence, and City Residence).

– The site of the former Grivita Brewery is located in the Grozavesti area, in the immediate vicinity of the Grozavesti and Basarab metro stations.

– The 11,000 sqm plot houses three monument buildings – the Malthouse, Barley Store, and Administrative Building outbuildings of the former Grivita Brewery.

– The monument buildings were of great interest to the developer, who appreciated the history of the site and the opportunity to create a mixed-use project including conversions, restorations, as well as new office and residential buildings.

In the office segment, Hanner has developed seven projects to date, totaling over 150,000 sqm, of which 50,000 sqm will be delivered in the immediate future. Hanner’s tenants include multinational companies such as Henkel, Johnson & Johnson, Nokia, Novartis, Rockwool, MSC, Servier, and the Embassy of Israel. Hanner has been named the most important developer in Lithuania for years, with its most awarded project being the Europa Business Center building, the tallest in the Baltic states at over 148 meters high.

Globally, Hanner has developed real estate projects in Lithuania, Latvia, Russia, Ukraine, Belarus, and Romania, with plans to expand into Germany and the United Kingdom. In the residential segment, the company has developed over 4,000 apartments with a built area of 400,000 sqm, and is also involved in the construction of logistics spaces, office buildings, commercial spaces, and underground or multi-story parking lots, totaling over 250,000 sqm. The company holds assets worth over one billion euros and carries out investments using its own resources.