Table of Contents
Executive Summary — 5
Key Features of This
Report — 6
SWOT Analysis — 7
Romania
Real Estate/ Construction SWOT — 7
Romania Economic
SWOT — 8
Romania Business Environment
SWOT — 8
Key Projects — 9
Construction
Overview — 9
Residential
Construction — 9
Commercial
Construction — 11
Tourism
Construction — 14
Industrial
Construction — 15
Major Projects
Table — 15
Table: Romania – Major Projects –
Construction — 15
Real Estate Investment Trusts,
Q209 — 19
Introduction — 19
Table:
Global REITs At A Glance, Mid-2008 — 20
A Note On Unlisted
Real Estate Funds — 22
Table: European Unlisted Funds At A
Glance, 2008 — 22
2008: A Disastrous Year For
REITs — 23
Table: Investment Total Returns (%, in EUR
terms) — 23
Table: Gross Total Returns, 2008 (%, in EUR
terms) — 23
Table: Gross Total Returns, 2008 (%, in EUR
terms) — 24
Table: Gross Total Returns, 2008 (%, in EUR
terms) — 24
Table: Substantial Property Sales, 2008
(US$bn) — 25
Table: Capitalisation Rates And Spreads
Versus Risk-Free Rates — 27
Pointers For
2009-2010 — 28
Industry Finance
Outlook — 30
International
Financing — 30
Table: Interbank Rates and Bond
Yields — 32
Table: Comparision of Total Assets, Client
Loans and Client Deposits (US$bn) — 33
Domestic
Financing — 33
Table: Levels
(RONbn) — 34
Monetary Policy — 34
Table: Romania – Monetary Policy — 35
Industry
Forecast Scenario — 36
Office Rents – Central &
Eastern Europe (per square metre per month) — 38
Construction — 38
Risks — 38
Commodities — 39
Macroeconomic
Outlook — 39
Table: Romania – Economic Activity,
2005-2013 — 42
Real Estate/Construction Business
Environment Rating — 43
Table: European Real
Estate/Construction Business Environment Ratings — 43
Real
Estate /Construction Business Environment Rating — 43
Romania’s RECBER — 44
Project Finance
Ratings — 45
Table: Design And Construction
Rating — 47
Table: Commissioning And Operating
Rating — 48
Table: Overall Project Finance
Rating — 50
Romania’s Business
Environment — 51
Company Monitor — 55
Holcim Romania — 55
Alstom — 57
Strabag — 58
Bouygues Romania (subsidiary
of — 59
Bouygues Construction
Group) — 59
Mivan — 62
TriGranit — 64
Country Snapshot: Romania Demographic
Data — 65
Section 1: Population — 65
Section 2: Education And Healthcare — 66
Table: Vital
Statistics, 2005-2030 — 66
Section 3: Labour Market And
Spending Power — 67
Table: Employment Indicators,
2001-2006 — 67
Table: Consumer Expenditure, 2005-2010
(US$) — 68
Table: Average Annual Wages,
2006-2010 — 68
BMI Forecast
Modelling — 69
How We Generate Our Industry
Forecasts — 69
Construction
Industry — 69
Bank Lending — 70
Real
Estate/Construction Business Environment Rating — 70
Table: Weighting Of Indicators — 71
Project Finance
Ratings Indicators — 73
Table: Design And Construction
Phase — 73
Table: Commissioning And Operating Phase
– Commercial Construction — 75
Table: Commissioning
And Operating Phase – Energy And Utilities — 76
Table: Commissioning And Operating Phase –
Transport — 77
Sources — 78
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