Revetas converts entire portfolio in Romania to renewable energy
Press releases
17 Nov 2021
Revetas converts entire portfolio in Romania to renewable energy
Bucharest, 17 November 2021 –Revetas Group has shifted its entire portfolio of assets in Romania to renewable energy, as a continuation of the company’ commitment to ESG practices, which have gained momentum globally, specifically in the real estate industry, to support the collective efforts of reducing the impact buildings have in the local communities.
“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. Radisson Blu becomes the first hotel in Romania to implement such an initiative, using 100 % renewable energy, sourced from wind power plants (73%), and hydroelectric power plants (27%)”, Eric Assimakopoulos, Founding Partner of Revetas, declares.
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. Given the impact of real estate has at a global scale, investors are nowadays are more and more involved in sustainable practices and developments.
Radisson Blu, Park Inn, The Landmark, Vitantis Shopping Center- Bucharest, Romania
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 for our current assets and target sustainable developments for the future. 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 and improve the wellbeing of the employees, providing a base for both landlords and tenants for a collaborative and aligned environmental outlook”.
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.
Project Nemo hotel complex, having a gross built area of 86,000 sqm, 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 prime 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 sqm, with Wolf Theiss, UiPath and Total Energies among its major tenants. Vitantis Shopping Center retail park is located in southeast of Bucharest, District 4, with a total GLA of 38,000 sqm and hosts established Romanian brands such as La Cocoș supermarket, the DIY retailer Brico Depot and the furniture retailer Casa Rusu, Grill Market, Proges and LaserMaxx.
