Property developer Redport Capital and furniture retailer Mobexpert have jointly purchased a land plot of 44,000 sqm in northern Bucharest in a bid to support new residential investments.
The land is located opposite Petrom City, the headquarters of oil major OMV Petrom.
“Straulesti – Petrom City area will transform into a prestigious residential pole of Bucharest. We have the advantage of being the first who made a bet on the development of this area, through the development of The Level’s first phase and with the current second phase, but also with the plot transactions that assure us a generous pipeline,” said Cosmin Savu-Cristescu, Managing Director and majority stakeholder of Redport Group. Real estate consultancy SVN Romania supported the buyers on the transaction.
The group is currently developing the second phase of The Level Apartments project, comprising 130 apartments, 150 parking lots and 1,000 sqm of commercial spaces following an investment of €12.5 million. The developer says that it has already sold half of the second phase one year before completion.
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