Bucharest municipality buys 70 apartments for doctors from local developer

Real estate developer Impact Bucharest announced on Friday, February 22, that it signed a deal with the Bucharest municipality, represented by mayor Gabriela Firea, to sell 70 apartments in the Greenfield Residential Complex.

The price is RON 37.3 million (EUR 7.8 mln) plus VAT. The apartments will be offered to the medical staff in the medical institutions that are under the administration of the Bucharest municipality. The City Hall must pay the full price by June 30, 2019.

Impact Bucharest is one of the biggest residential developers in Romania. The company is controlled by local investor Gheorghe Iaciu and its shares are trading on the Bucharest Stock Exchange.

In the first nine months of 2019, Impact had revenues of RON 62 million (EUR 13.3 million) from apartment sales, according to its nine-month report. The company's results for the whole year 2018 will be made public on February 27.

Impact currently has a market capitalization of RON 266 million (EUR 57 million).

(Photo source: Impact)