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News from Members CBRE recruits new talent, Mihai Patrulescu, to lead the Investment Properties department

CBRE recruits new talent, Mihai Patrulescu, to lead the Investment Properties department

by CBRE February 18, 2021

Website www.cbre.ro

2021 - the year of laying the foundations for complex transactions

CBRE, leader in the real estate consultancy market, continues its rapid development and strengthens its Romanian management team with the recruitment of a new talent, Mihai Patrulescu, to lead the Investment Properties department.

Commercial real estate investment volumes in Central Eastern Europe (CEE) reached €13 billion in 2020 and we expect a gradual recovery with investment volumes of one-digit growth this year. 2021 rather taking shape as a year of laying the foundations for very complex transactions across the CEE region with the result expected in 2022. The close collaboration between regional teams is now more important than ever", stated Andreas Ridder, Managing Director Central & Eastern Europe at CBRE.

With a strong financial background, Mihai Patrulescu brings a different approach, having experience in complex projects, financial analysis and project management for large real estate portfolio deals. 

Real estate market is witnessing an unprecedented transformation and the teams we build now will make the difference tomorrow. Mihai is a highly appreciated new talent and I personally value his drive. In my 20 years of real estate experience, good energy has always proved to be a key element for performant teams, and I am confident that Mihai will be an important asset for CBRE”, affirmed Razvan Iorgu, Managing Director, CBRE Romania.

Before joining CBRE Romania, Mihai Patrulescu held key positions as Senior Investment Associate and Head of Strategic Analysis in another real estate company, being involved in complex portfolio deals.

In the last three years, Romania attracted less than 5% of the total CEE investment volumes, similar to Slovakia, while markets such as Hungary and Poland generated between 20 and 40% of the total volume. I strongly believe this indicates a mis-pricing of risk. With a new approach, using knowhow from finance and economics, combined with CBRE’s deep understanding of the real estate market across all sectors, I am confident that we will soon attract new demand from major investors”, said Mihai Patrulescu, Head of Investment Properties, CBRE Romania.

Mihai Patrulescu is replacing Gijs Klomp, who has occupied the role of Head of Investment Properties in the past two years. Recently, Gijs chosen to take the opportunity offered by CTP, top 5 European industrial property developer, where he will act as Head of Business Development.

Romania’s total investment volume ended 2020 with €588.5 million*, a value almost half of the one registered in the recent record year 2019 but similar with 2015, a year when the marked resumed growth following the GFC. Still, 2020 ended auspiciously for the office investment market as S IMMO, advised by CBRE, agreed the transactional terms for a forward purchase of the Campus 6.2 and 6.3 office buildings, for approximately €97 million.

Based on CBRE recent survey, Romanian Investment Sentiment Survey, no matter the type of property, location remains one of the main criteria for investors when choosing what should be added to their portfolio. The same survey revealed that offices remain the most sought-after product by investors, but also highlighted an increase in interest for the Industrial sector in terms of future investments.

In Europe, commercial real estate investment volumes reached €275 billion in 2020, which represents a 17% decrease from €331 billion in 2019, a better performance than was initially anticipated considering the Covid-19 pandemic, according to CBRE.

*CBRE booked the NEPI Rockcastle portfolio sale in 2019 based on the binding SPA that was signed between the parties. If that transaction, which eventually closed in 2020, would have been booked in 2020, then transaction volumes in 2020 would have amounted to €897 million representing an increase by 22% versus 2019.

About CBRE

CBRE, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm, based on 2019 revenue. The company has more than 100,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 530 offices (excluding affiliates) worldwide. In Romania, CBRE offers an extensive range of integrated services including transaction management and coordination, project management, design and build services, property management, investment management, valuation, property rental, strategic consulting, property sales, mortgage services and development services. For more information please visit www.cbre.ro or follow  our Linkedin page.

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