Property developer Speedwell has signed a Promissory Sales Purchase Agreement for a 9-hectare land plot with the purpose of building a new project in Bucharest’s District 1.
The new project will have an estimated value of €500 million and will double the company’s portfolio size.
“We are proud to acquire one of the last biggest industrial plots in Bucharest. This moment marks a significant milestone for our company. It also shows our trust in the Romanian real estate market, as well as our ever-growing ambition to enrich the urban landscape and increase quality of life,” said Jan Demeyere, Architect and Co-Founder of Speedwell.
Speedwell said that it plans to develop an urban regeneration project where people want to live and work in. At present, the developer has contracted urbanism experts to create the masterplan.
Brokerage Conadi and law firm Reff & Associates supported Speedwell on the land deal.
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