Investment company completes biggest land purchase in RO in recent years
Romanian investment company SIF Banat-Crisana (SIF1) took over the former heavy machinery platform IMGB, including some 54 ha of land in southern Bucharest, after the national competition body cleared the transaction.
The deal's value hasn't been disclosed, but the local media estimated it at EUR 35 to 40 million.
According to the consultancy firm Crosspoint Real Estate, which brokered the transaction, this is the largest plot traded in the last ten years in Romania, excluding agricultural land.
Local law firm Biris Goran provided the legal assistance for SIF Banat-Crisana in this deal.
"The agreement places SIF Banat-Crisana on the first positions among the largest holders of urban built-up areas in the Capital, fitting well into our extensive portfolio of investments and real estate holdings, direct or indirect," said Bogdan Dragoi, General Manager and Chairman of the Board of Directors of SIF Banat Crișana.
Despite the relatively unstable financial context marked by uncertainty and high volatility, Dragoi assured that SIF Banat-Crisana continues to restructure its holdings and optimize its investments, aiming for investments with a robust outlook in areas with positive evolution.
"We are also actively pursuing the construction of a solid, adapted, and adaptable portfolio, which will generate added value for shareholders, regardless of the situation," said Dragoi.
SIF Banat-Crisana had net assets of RON 2.62 bln (EUR 540 mln) at the end of September 2020.
Meanwhile, the company's market capitalization is currently only RON 943 mln (EUR 200 mln).