The company offered the seller a 20 percent participation in the entity created to develop the project, plus the price difference for the land. Thus, Westhill obtained a 10-15 percent price cut. “It is not a new practice, but it is an efficient one. Even if the person who sold the land has to wait two or three years to finalize the project, he will receive some of the profit, which is considerably higher compared an amount obtained through a sale,” says Westhill Romania General Manager, Andrei Panculescu.
The company also purchased a plot of land in Ploiesti in 2006, where it plans to build a mall. The total cost will be €140 million, including the land and infrastructure. The mall is already 49 percent pre-rented. Panculescu said Westhill will probably sale the mall upon completion. The company is operating in Romania since 2006 and has activities in Romania and Great Britain.
