Elite Grup, founded by entrepreneur Chimu Căpușan more than 30 years ago, has completed the acquisition of the Sanex site, a 17.2-hectare plot of land in northern Cluj-Napoca. 

The EUR 40 million transaction was cleared by both the Competition Council and the Commission for the Examination of Foreign Direct Investments (CEISD).

The developer said the transaction is “the largest land acquisition by a single buyer in the history of Romania’s real estate market, financed entirely from its own funds.”

The company plans to transform the land into a large-scale urban redevelopment project, as part of a broader urban development strategy in Cluj-Napoca, alongside the Elite City project, which is under development.

“This is the largest investment we have ever made in a single plot of land, and we chose to make it because Sanex has long been an industrial site that was closed off to the city. We want to give it back to the people of Cluj through a project that we can look back on with pride even 20 years from now,” Bogdan Căpușan, CEO of Elite Grup, said.

Elite, one of the most active real estate developers in Transylvania, has developed residential projects in Bucharest, Cluj-Napoca and Timișoara, delivering more than 4,000 apartments in total.

(Photo: Sandra Dragojlovic/ Dreamstime)

simona@romania-insider.com