UK developer London Partners pays EUR 20 mln for land plots in Bucharest

Real estate developer London Partners, which recently finalized a residential complex in the center of Bucharest (SoHo Unirii), has completed two land acquisitions valued at more than EUR 20 million. The company bought a 2.4-hectare plot from Romanian investor Gabriel Popoviciu in the corporate district of Pipera and 2.8 hectares from former construction company Conpref Carpati in the Expozitiei area, an emerging business center of Bucharest, Profit.ro reported.

London Partners has multiple shareholders from various fields, such as energy, agriculture, commodities, and transport, and is active in several markets, including Romania. Among the associates are the British investor Richard Marc McLaughlin-Duane, Romanian Liviu Cristian Jelea and the Dutch-born Dorairaja Ashok, who is also the director of Agroconcept Impex - the exclusive distributor of New Holland agricultural machinery in Romania.

The group began with the development of SoHo Unirii in the center of Bucharest, a residential complex with 236 apartments, which involved an investment of about EUR 26 million. About 70% of the apartments in this complex are sold.

The company has decided to expand rapidly this year and began with the acquisition of a 2.4-hectare plot, part of Belvedere Residences residential project on Fabrica de Glucoza street. The land belonged to a Cyprus offshore, Bladon Enterprises Limited, through which businessman Gabriel Popoviciu runs his business in Romania, according to Profit.ro.

Popoviciu, who is under the supervision of the London police, being sentenced to seven years in prison in Romania, has developed two phases of the Belvedere ensemble in recent years, meaning 640 apartments which he already sold. The land bought by London Partners will allow the project to continue with two more phases, including 966 apartments and 3,400 square meters of commercial space.

Richard McLaughlin-Duane, the developer's CEO, said he had already pre-booked 150 apartments in the third phase of the Belvedere Residences although the developer has barely completed the excavations. This development phase will have 482 apartments to be delivered in the summer of 2021.

(Photo source: Belvedereresidences.ro)