by Property Forum | Investment

Greek developer Reds has authorized its board of directors to take all necessary measures to complete the sale of the 8,000 sqm land to Vastint, at a price of €11,4 million. The land is located on Splaiul Unirii Boulevard, near the Timpuri Noi Square project, developed by Vastint.

In 2015, the Greeks had big plans for this land and announced an investment of €80 million in a mixed project, with offices, hotel, retail and residential.

Reds is active on the real estate markets in Greece and Romania with medium and large-scale retail and entertainment, office, mixed use, exhibition and conference and residential projects. It is part of Ellaktor, an international holding group based in Greece with long-term investments in key fields, including construction, environment and participation in concession projects.

Vastint Romania is part of the Vastint Group, an international real estate organisation. Vastint has been active on the Romanian market since 2008 and has the same shareholder as retailer IKEA.