Vitantis Shopping Center with 35,000 sq m retail space in Bucharest, Romania. Credit: Revetas

Revetas converts entire portfolio in Romania to renewable energy

Revetas Group has shifted its entire portfolio of assets in Romania to renewable energy as a continuation of the company’s commitment to ESG practices to support the collective efforts of reducing the impact buildings have in local communities.

Eric Assimakopoulos, Founding Partner of Revetas says: “As part of Revetas’ strategy towards carbon neutrality across our business over the coming period, we are pleased to announce our entire portfolio in Romania is now exclusively using green energy, originated from wind, hydroelectric and solar power plants.”

According to The World Built Environment Forum, the real estate sector consumes over 40% of global energy per annum, while buildings are the origin of 20% of global greenhouse gas emissions, and use around 40% of raw materials.

Eric Assimakopoulos concluded: ”As specialized real estate investment advisor, we have the responsibility to our communities where we conduct our business to analyse the environmental footprint of the buildings we manage and come up with solutions for improvements. These initiatives can have huge benefits on the assets’ sustainability, desirability, and subsequent return on investment. ESG gains momentum now more than ever and we need to focus on reducing the environmental impact.”

The Revetas portfolio in Romania includes Project Nemo hotel complex, The Landmark prime office building, all located central Bucharest and Vitantis Shopping Center located in Bucharest, District 4.

Vitantis Shopping Center retail park is located in southeast of Bucharest, District 4, with a total GLA of 38,000 sq m and hosts established Romanian brands such as La Cocoș supermarket, the DIY retailer Brico Depot, furniture retailer Casa Rusu, Grill Market, Proges, and LaserMaxx.

Project Nemo hotel complex, having a gross built area of 86,000 sq m, includes the Radisson Blu and Park Inn hotels, and is located in the center of the capital, near Romana Square. It comprises a total of 697 guestrooms, as well as approximately 7,500 sqm of  retail space.

The Landmark office building is located between Romana Square and Victoriei Square and is composed of 3 separate 7-storey buildings and 3-level basement parking with a plaza with shops in the middle, providing a total GLA of about 23,600 sq m.

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