Pavăl Holding, the group controlled by the founders of DIY chain Dedeman, will have a new HQ in Bucharest. The holding is revamping Vila Hlebnikian that will serve as its main office. Construction works on the 2,800 sqm building will be completed by 2023, according to Profit.ro.
The historical building was auctioned in 2018 for around €5 million. The 31-room property is located near the landmark Victoriei Square in one of the most expensive real estate areas in the Romanian capital.
Dedeman is the biggest DIY chain in Romania, with a turnover close to €2 billion in 2019. In the past years, its founders, brothers Dragoș and Adrian Pavăl, have diversified their investment portfolio in real estate, with stakes in office and industrial projects.
The holding company has also invested in industry and agriculture. The brothers are currently planning to develop a mixed-use project in Bacău, with residential, office, commercial and hotel components.
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