Romanian developer Iulius has signed a partnership with Oil Terminal, a public company owned by the state, for the urban regeneration of a 38-hectare land plot in Constanța. Iulius plans to invest more than €810 million in a large mixed-use scheme.
The land has been inactive for more than a decade and has accommodated storage facilities for petroleum products.
“We strongly believe in the potential of Constanța and we have the necessary expertise and resources to create a project that will help the port city capitalize on all its strengths and become one of the economically strong regional centers. We will do this together with the local community, gaining an in-depth understanding of the residents’ needs and expectation, as we did for our other urban regeneration projects in Iași, Timișoara and Cluj-Napoca,” said Iulian Dascălu, President of Iulius.
The development will integrate a botanical garden and park with outdoor relaxation, sports and entertainment uses, and an office component. It will also be a shopping and leisure destination, with new retail and entertainment concepts, fresh market with local producers and entrepreneurs, themed restaurants, bistros and coffee shops, as well as cultural and entertainment facilities.
As part of the deal, Iulius will pay Oil Terminal an annual superficies tax of €2 million, subject to indexation.
Oil Terminal is a joint-stock company in which the Ministry of Energy has an 87.75% holding. Shares in Oil Terminal were up 0.42% to 0.12 lei on Thursday afternoon trading on the Bucharest Stock Exchange (BVB).
Iulius has completed two large mixed-use projects to date in Iași and Timișoara, and will invest another €500 million in a large-scale urban regeneration project in Cluj-Napoca.
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