Blake Horsley, the director of the investment division with Colliers in Romania will join Canadian real estate company Benevo from the beginning of March this year and will be overseeing the company’s entrance on other CEE markets, with deals already lined up. “Development is something I’ve wanted to get into for some time. […] I have an excellent working relationship with Michael Topolinski the owner and I’m excited about what they’re doing,” said Horsley. “They have already started construction on their Vulcan site (30,000sqm retail) and their Vic City shopping center starts construction this year,” he added. Benevo has been working with real estate consultancy firm Colliers on its projects in Romania.
Early in 2012, Benevo Capital acquired the 77,000 sqm site of the former Vulcan plant in Bucharest’s Sebastian neighborhood, and has already started work on the site. The value of the transaction amounted to EUR 23 million. The Canadian company plans to build a 35,000 sqm retail park on this plot, which will include a Do-It-Yourself store, a 10,000 sqm hypermarket, as well as a commercial galleria, the company has announced. The site is close to a Kaufland store and to the Liberty Center shopping mall.
Benevo Capital was founded by Michael Topolinski and started operations in Romania in 2007, when it started investing in new residential units in Bucharest. At the end of 2011, the Canadian company announced the purchase of 64 apartments within the Cosmopolis residential complex in Stefanestii de Jos, north of Bucharest.
“He has capital allocated to other markets which I’m leading and already has deals lined up to go into contract in the coming months. So I think it’s a great opportunity for me,” said Horsley.