RO developer Iulius invests another EUR 160 mln in the Palas Iasi project

Iulius, one of the biggest real estate developers in Romania, controlled by local investor Iulian Dascălu, will invest over EUR 160 million in expanding the Palas mixed-use project in Iasi (nort-eastern Romania).

The developer will add 75,000 sqm of new office spaces to the project. The investments made in the project so far amount to about EUR 310 million.

Palas Iasi, developed on a large land plot next to the city’s landmark building - the Palace of Culture - includes the biggest shopping mall in the city and six office buildings with a total leasable area of 70,000 sqm.

Iulius has received the approval from the local authorities to expand the project. A new office building, with a lettable area of 17,000 sqm, will be added to the project, while another one with 5,600 sqm is already under construction.

Iulius also aims to transform a central area in Iasi (St. Andrew), which is currently underdeveloped and in degradation, into a metropolitan one by developing a large project - UBC Campus - a multi-section office building, designed as an integrated mixed project, with office, retail and relaxation functions.

The rentable surface of the campus will be approximately 51,000 sqm. A hotel and a residential building could be added to the project in a later stage. The 75,000 sqm of new offices could accomodate 10,000 employees and consolidate Iasi as a business hub, according to Iulius.

The developer will also expand its other big project in the city - Iulius Mall - with two office buildings, including the tallest office tower in the city, with 26 floors and 120 meters.

(Photo: Palas Iasi Facebook Page)