Romania's Chamber of Deputies, as a decision-making body, passed the law by which Romania's Chamber of Commerce and Industry (CCIR) receives for free the 46-hectare plot hosting the Romexpo exhibition complex, G4Media reported.

The bill provides the land transfer from the state to Romexpo, which is 91% controlled by CCIR.

The land, currently leased to CCIR, is valued at nearly EUR 500 million. CCIR plans to develop a EUR 2 bln real estate project on this land in partnership with local developer Iulius, a company controlled by Romanian businessman Iulian Dascalu.

The law, drafted by the party of former president and Bucharest mayor Traian Basescu - PMP, was supported by the Social Democrats (PSD) and Liberals (PNL).

The MPs of Save Romania Union (USR) and ethnic Hungarians' party (UDMR) voted against this bill. Catalin Drula, the USR deputies leader, accuses "a cross-party real estate theft in the amount of hundreds of millions of euros."

He said USR is seeking support among lawmakers to refer the draft law to the Constitutional Court. CCIR is organized as an NGO and would partner with the Iulius Group for this project. CCIR explained that it would derive incomes from the EUR 2 billion real estate project developed with Iulius and promised to use it to the benefit of all Romanian companies.

The Chamber of Commerce and Iulius Group are planning a gigantic complex that will include 14 new buildings with various destinations: offices, residential, hotels, commercial spaces, and museums, plus 12,000 parking spaces.

The real estate project was submitted to the Bucharest City Hall for the Zonal Urban Plan (PUZ). Mayor Gabriela Firea objected to the land being transferred free of charge to CCIR.

Meanwhile, Liberal MP Sorin Ion Bumb argued that the Chamber of Commerce needs the land to develop itself like its peers in any other country.

(Photo:  Mihai Olaru | Dreamstime.com)

iulian@romania-insider.com