by Property Forum | Investment

Immofinanz started selling land plots from the portfolio of Adama, a residential developer part of the Immofinanz Group. Two land plots located in the Bucharest area have already been sold, while the transaction for another piece of land is set to be finalised in November. The three assets have a total surface area of almost 36,000 sqm. The parties have agreed not to disclose further details.


Immofinanz has finalised the sale of two land plots, in a transaction assisted by CBRE and Cushman & Wakefield Echinox. One plot (12,000 sqm) is located on Ghencea Boulevard in Bucharest and the other (13,000 sqm) is on Erou Iancu Nicolae Street in the city of Voluntari. Furthermore, the company is expected to finalise the sale of a third plot (10,800 sqm) on Vasile Lascar Street in Bucharest in November.
 
“These transactions represent a natural step in our strategy to focus on our existing and future office and retail properties. While Adama has an extensive portfolio of premium land plots, we believe these are particularly well-suited for residential developments”, said Sorin Visoianu, Country Manager Operations Romania at Immofinanz. “We will continue the sale process for the remaining assets that do not belong to our core business, to further strengthen our business.”
 
The company owns land plots totalling 70,000 sqm in the Bucharest area.