Skanska buys new land plot for office project in north-western Bucharest

Swedish real estate developer Skanska has bought a 26,200 sqm land plot from a company controlled by Canadian investor Michael Topolinski in the nort-western Bucharest neighbourhood Bucurestii Noi, in the immediate vicinity of the Jiului subway station, where it will develop three office buildings.

The value of the transaction was EUR 23 million, which makes it the biggest land sale on the Romanian market this year, Profit.ro informed quoting market sources.

Skanska bought the land from InteRo Property Development, a company owned by Michael Topolinski, which retained roughly half of the land it originally owned on the former Dacia Textile industrial platform. Skanska will develop three office buildings on the purchased land while Topolinski also plans to develop four buildings. The whole project will thus include seven office buildings with a gross leasable area of up to 175,000 sqm, Topolinski said.

Skanska will develop its buildings following the concept "futureproof workplaces", implemented at regional level, which includes a mix of Scandinavian design, innovation and sustainable solutions.

Romanian law firm PeliPartners, with over 20 years experience in the real estate sector, assisted Skanska in this deal. InteRo Property Development was advised by Biris Goran lawyers. Libra Internet Bank offered assistance on financing matters.

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