Vastint Romania, the real estate division of the Swedish group Inter IKEA, will develop a 50,000 sqm housing compound on the site of the former Timpuri Noi factory, in central Bucharest.

It has already started to construct two office buildings there.

“At Timpuri Noi we can develop about 150,000 sqm, 50,000 sqm of which are reserved for apartment buildings,” said Antoniu Panait, country manager with Vastint Romania, cited by local Capital.ro.

The two office buildings, which the company has already started to develop with own funds, will stretch over 60,000 sqm and will have a 30,000 sqm rentable area.

Constructors should complete them by the end of 2016. Vastint bought the 5.1 hectares Timpuri Noi plot in 2010 for EUR 34.6 million.

editor@romania-insider.com