Property developer Prime Kapital says it will invest close to €2 billion across Romania in retail, office and residential projects alongside MAS Real Estate by 2029.
The investment program will cover 1.5 million sqm of developed spaces. The biggest investment budget of close to €1.2 billion will be used for residential projects in six cities including Bucharest, Timișoara and Iași. The two companies will also develop offices in Cluj-Napoca and Iași following investments of €254 million, while in the retail sector, the development and expansion strategy will cover 10 cities with a total investment budget of €517 million.
“We focus on regenerating former industrial platforms, transforming these large areas into neighborhoods with integrated functions as well as quality green and recreational areas,” said Maggie Kitshoff, Office and Residential Partner at Prime Kapital. The company’s medium-term goal is to deliver 2,000 apartments each year in several cities.
Some of the biggest planned residential developments are in Brașov (2,137 apartments), Timișoara (1,251 apartments), as well as mixed-use developments with 3,149 apartments in Bucharest and 1,461 apartments in Cluj-Napoca.
At present, the two companies have ongoing residential developments in Bucharest, Ploiești and Iași.
