Over 50 hectares of land for development traded in Bucharest in first half

Real estate investors bought land plots totaling over 50 hectares in Bucharest in the first half of this year.

In 11 of the 15 biggest deals, the developers bought the land for residential projects, according to a report by real estate consultancy firm Crosspoint Real Estate. Among the most active buyers were London Partners, One United Properties and Cordia.

The biggest transaction was the purchase of the 8.9-hectare plot of the former Helitube factory in Colentina (eastern Bucharest) by local investment company SIF Banat-Crisana. The buyer paid EUR 20 million for this land plot, sold by the judiciary administrator of BelRom, an insolvent real estate developer that had bought the same plot for EUR 60 million in 2008, just before the crisis. It’s not clear what SIF Banat-Crisana plans to do with this plot.

The second biggest deal by value was the acquisition of a 2.8-hectare land plot in Expozitiei area by London Partners, for EUR 15 mln. The buyer plans to start a new residential project there.

(Photo source: Shutterstock)