The contract was signed on Tuesday. “We negotiated for two months the acquisition of the land, in which other three companies were interested. The deal implies the acquisition of 1.63 hectares for €68 million,” Raptis Kavouras Manager for , Lucian Mateescu, told Mediafax newswire.
The company plans to build a luxury apartment complex and, probably, a luxury shopping gallery on the plot purchased from Constanda. The invested is estimated at €70-75 mln.
The project will include some 350 apartment which are to be sold for €5,500 per sqm. Construction works will start next year and are set to be finalized in three years.
“This deal is one of the largest on the Bucharest real estate market this year. We all know the impact of the subprime crisis led to a lower number of transactions and, in this context, a deal worth €68 mln for 1.6 hectares becomes interesting,” according to Tuca Zbarcea si Asociatii lawyer Dan Borbely.
Earlier this year, Constanda took over a 2.8 hectare plot in the French Village, from Bucharest City Hall, in exchange for a park.
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