Romanian developer Forty Management has purchased a land plot spanning 12 ha in Bormujos, a suburb of Seville, for a new urban regeneration project under the Lagoon City brand.
The transaction is conditional on the seller obtaining the building authorization within a maximum of 18 months. The transfer of ownership was made to the group's Swiss division, Forty Management AG, and will subsequently be transferred to the local SPV, which will develop Lagoon City Sevilla.
“The entire local team involved has a clear understanding of the obvious impact and benefits of such a major investment, which include boosting tourism in the region, generating hundreds of jobs and creating a vibrant community, as well as creating memorable holiday experiences - all of which will support the local economy and contribute to the long-term prosperity of the entire area,” says Lucian Azoiței, CEO of Forty Management.
The developer has initiated similar projects in Bucharest and Budapest. However, in Bucharest the company is waiting for permits to start the second phase of its development in northern Bucharest.
Lagoon City Seville will have a gross development value of more than €100 million.
