Impact buys land in Bucharest for new residential project

Local real estate developer Impact has signed a promise to buy a 2.2-hectare plot in the north of Bucharest, near Romexpo, to develop a new residential project. The company has already made a down payment of EUR 1.1 million. The acquisition should be completed in the last part of July. Impact will develop the real estate project via the newly-established firm Bergamont Developments. Besides that, the company will start working on its second residential project this summer. This will be located on a 26-ha plot in Ghencea, Bucharest. Impact Developer & Contractor is owned by the local investor Gheorghe Iaciu, who has a stake of 49.48%. The company, which was established in 1991, has built 16 residential complexes with over 4,000 units so far. Its biggest development is the Greenfield project in northern Bucharest. Impact also owns a land plot on Barbu Vacarescu boulevard, where it also plans to develop a residential compound. editor@romania-insider.com