British investor Ghai Sant Ram, acting through Ghai Family Holding, has acquired a plot of approximately 30,000 sqm near Pipera Plaza in northern Bucharest from George Becali. The purchase price was approximately €14.3 million and the land was acquired together with a building permit. Ghai Sant Ram plans to develop a residential project of approximately 650 apartments on the site. The deal was brokered by CGA Home Consulting through Cătălin Apetri, the company's CEO and founder, who also serves as Romania Development Director for Ghai Family Holding.
"The Pipera area has genuine residential demand, driven both by northern Bucharest's business hub and by rapid access to infrastructure, services, schools and shopping centres. The area's long-term potential underpins our decision to invest here in a new residential development comprising 650 apartments," said Cătălin Apetri, CEO and founder of CGA Home Consulting and Romania Development Director for Ghai Family Holding.
"This is a significant transaction, concluded after 16 months of discussions and negotiations. We reached a fair agreement for both parties thanks to the involvement and experience of Cătălin Apetri, with whom I have worked for many years. It is the largest transaction I have completed to date with the founder of CGA Home Consulting," said George Becali.
"The plot is located in an area that brings together office buildings, shopping centres, medical services, gyms and educational institutions. Its location provides easy access to central Bucharest, Voluntari, Tunari, DN1, the Bucharest Ring Road and the A3 motorway. We want every project we develop to begin with people's real needs," said Cristian Stanciu, CEO of the Ivory Residence and Horizon City residential projects.
The new Pipera acquisition follows Ghai Sant Ram's Ivory Residence and Horizon City developments and takes his residential portfolio in Romania to more than 2,500 units. Details of the apartment mix, parking, amenities, total investment value and construction timetable will be announced once the technical stages have been completed.
