Local real estate developer Forty Management has acquired a 39,896 sqm plot of land of in the Străulești area of the Bucharest from Butan Gas Romania in a transaction valued at €8.2 million. The developer plans to deliver the Central District Lagoon City mixed-use project with 570 apartments, hotel, offices and commercial space, following an investment of over €100 million.
According to said Lucian Azoitei, CEO of Forty Management, Central District Lagoon City will be the first 100% green project in Central and Eastern Europe, self-sustaining through independent renewable sources.
Forty Management develops mixed-use projects under the Central District brand. The company has already completed several residential developments with another 243 apartments under construction and 600 apartments in the pipeline. Earlier in 2020, Forty Management acquired a 3,000 sqm plot in the Romanian capital’s Herastrau area, where it plans to deliver a residential building with 30 apartments with a contemporary art gallery on the ground floor.
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