Real estate developer invests EUR 44 mln in Bucharest residential complex

Romanian real estate developer Impact Developer & Contractor has kicked off the third development stage of the Greenfield residential complex located in Baneasa, north of Bucharest.

The investment amounts to EUR 44 million. The work will be completed in the first quarter of the next year.

The complex’s third development, which is called Platanilor quarter, will be located on a 10-hectare plot. It will include 888 flats in 39 apartment buildings.

The project’s first phase was developed between 2007-2010. It is now entirely sold. It includes 680 apartments and villas over an area of 10 hectares.

The construction of the second phase, Salcamilor quarter, began in 2014 and will be completed this year. It consists of 924 flats located in 35 buildings over an area of seven hectares.

Romanian investor Gheorghe Iaciu has a stake of 49.5% in the company. Impact had sales of EUR 12 million in the first half of 2016, slightly higher than in the same period of 2015, and a net profit of EUR 3 million. The company is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 43 million.

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