Prime Kapital to develop EUR 200 mln mixed-use project in NE Romania

Real estate developer Prime Kapital has launched the Silk District mixed-use project in Iaşi, the largest city in North-Eastern Romania. The project will require an investment of EUR 200 million.

“The city has strong economic fundamentals, and we are delighted to work with the local authorities to help Iasi harness its competitive advantages, improve the quality of life for its inhabitants, and remain attractive to new generations,” said Prime Kapital partner Mihail Vasilescu.

The project, developed on the former Teba textile platform in Iasi, will have two main components: category A offices with an area of approximately 100,000 square meters and 2,500 apartments. It will also include 11,700 sqm of retail space, a four-star hotel with 160 rooms, a 1,500-sqm clinic, services, parks, leisure and relaxation areas, a kindergarten and a swimming pool.

The company will also develop an underground road network of 140,000 sqm through which the vehicles will reach the desired destination. The ground area will be entirely pedestrian. The whole project will be ready in 2024.

Prime Kapital is a real estate developer set up by Martin Slabbert and Victor Semionov, founders and former managers of the South African investment fund NEPI, active in central and eastern Europe and investing predominantly in retail assets.

Prime Kapital also owns the Mall Moldova retail project in Iasi, which it will expand to 100,000 sqm. The group has also started working on a residential project in Bucharest and prepares to launch other projects in the capital.

(Photo source: Pixabay.com)