Impact buys land in northern Bucharest for residential complex

Real estate developer Impact Developer & Contractor, controlled by Romanian Gheorghe Iaciu, acquired a 23,000-sqm piece of land in the northern part of Bucharest from Bluerose Ro Corporation, with EUR 10.5 million plus VAT. Iaciu carried out the transaction via the company Bergamot Development, in which Impact holds a stake of 99%. The investor wants to build a residential complex of 63,000 sqm on the newly-acquired plot. It will have 600 apartments, and will be located near the Expozitiei Boulevard. The area has recently attracted several real estate projects. The project is located in the Domenii neighborhood, between the Kiseleff and Ion Mihalache boulevards. The work on the project’s first stage will start this year and will be concluded in the spring of 2019. The first stage will have four apartment blocks with 268 apartments. In total, the project will have 9 apartment blocks between 9 and 13 floors each. Impact recently sold EUR 12 million worth of bearer bonds to Polish group Credit Value Investments, which manages assets of about EUR 1 billion. editor@romania-insider.com