Belgian Speedwell to sell some land plots to finance new developments in Romania

Belgian real estate developer Speedwell is moving ahead with its projects in Bucharest, Timisoara and Cluj-Napoca, but it is selling the land purchased before the 2008 crisis in second-tier Romanian cities.

The company is looking to sell two plots of some 10 hectares each in Galati and Ramnicu Valcea, Economica.net reported.

Meanwhile, the company has submitted documents for the urban planning permit (PUZ) of the 25,000 sqm office building Miro, located in Baneasa - northern Bucharest, which involves EUR 35 million investments.

Speedwell will also develop 275 apartments and 15,000 sqm of offices plus some retail space on the premises of the former Paltim hat factory in the downtown area of Timisoara, which it recently acquired from investment fund NCH. The development cost for this project is estimated at EUR 45 million.

It is already developing the mixed-use project Record Park in Cluj-Napoca, with 236 apartments, 12,000 sqm of offices and small retail spaces that should be completed next summer and plans to launch an international auction for the office component of the project.

The company has also launched an investment fund of around EUR 50 million this year, through which it will finance land acquisitions and the development of real estate projects throughout the country.

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