The Romexpo exhibition complex and the local firm Stoneberg, owned by Romanian investor Iulian Dascalu, concluded a contract that grants Dascalu the right to manage Romexpo’s central pavilion for at least ten years.
He will pay Romexpo at least EUR 600,000 per year, reports Profit.ro.
The investor will also buy secondary buildings belonging to Romexpo for EUR 3 million, and will demolish them to build a large residential project there.
Romania’s Chamber of Commerce and Industry is the main shareholder in Romexpo. Earlier this summer, the magazine Forbes Romania informed that the Iulius group, owned by Iulian Dascalu, and Romania’s Chamber of Commerce and Industry(CCIR) were negotiating a partnership to modernize the Romexpo exhibition complex and build a mixed real estate project around it on a total surface over 37.4 hectares. The project will be worth several hundred million euros, according to Forbes.
The Iulius group created the Iulius Mall national network with four regional shopping malls in Iasi, Timisoara, Cluj-Napoca, Suceava, as well as the Palas Iasi mixed-use complex. On the office segment, Iulius is one of the largest office developers and operators, with nine Class A office buildings developed under the United Business Center brand.