Developer Prime Kapital expands into the residential segment
Developer of shopping centres and residential projects Prime Kapital is expanding its portfolio in the residential segment and is preparing to launch two new residential projects in Romania, Economica.net reported.
Prime Kapital is developing two residential projects in Bucharest and obtained in August the construction permit for the apartments in the joint Silk District project in Iasi. With the new projects from Timișoara and Ploiești, the company reaches a development stock of 4,500 new apartments and investments of over EUR 431 mln.
The developer signed a contract this year to acquire a plot of land in Timisoara, where the plans provide for the construction of 1,252 apartments and an investment of over EUR 115 mln, according to data from the financial report of MAS Real Estate, the South African company that is Prime Kapital's partner in Eastern European projects. Prime Kapital is the largest shareholder of MAS Real Estate, with a 21.56% stake in the company.
Prime Kapital buys from the lighting manufacturer ELBA a 56,000 sqm plot of land near Gara de Nord in Timișoara. ELBA announced in the spring of this year that it is selling the land for EUR 12.5 million, which will be paid after obtaining the approval of the PUZ and the building permit for the first part of the construction. In addition to apartments, retail spaces with a leasable area of 8,000 square meters will also be built.
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