Bucharest factory lands worth 2.3 bln euro

The market value of this land is some €2.3 billion, at an average price of €1,100 per square meter. According to estimates by real estate analysts, industrial platforms make up some 15 percent of Bucharest’s total surface.

‘‘Given that land prices vary between €700 to €1,500 per sqm in semi-central areas of Bucharest, many developers are interested in buying whole industrial platforms,’‘ according to Adrian tibichi, Research Coordinator for Coldwell Banker Affiliates of Romania.

Several old factories are in total disrepair since the 1989 anti-communist revolution and are attracting developers for residential and office projects, mainly because of their excellent locations and due to the fact that they are already connected for  large-scale utilities. Brothers Marius and Emil Cristescu, owners of the Bega Group of companies, are sitting on a veritable real estate gold mine, with the 80 hectare Faur plant, worth some €800 million, according to real estate experts.

Lebanese businessman Jaffal Imad Mahmoud owns 73 percent of the Chimopar plant, with plots of land estimated to be worth €750-770 million.

The largest project to date to revive an industrial platform is Sema Parc, on the former Semanatoara factory’ s lands. An office building complex is being built there on 350,000 sqm, close to a residential area which includes 1,200 apartments and a 170,000 sqm commercial area with a mall, a hypermarket and a four-star hotel.

Former factories Spicul and Titan were recently purchased by Spanish developer Hercesa, who are planning to build residential complexes.

Several days ago, another transaction was announced, namely that of the Broadhurst investment fund and Spanish Gran Via group for the sale of former factory Tricodava. 
The Spanish buyer plans to raise a residential complex on the 58,000 sqm of land.