by Property Forum | Residential

Property developer Zacaria says it will start residential investments in three Romanian cities after it partially sold its local industrial portfolio to CTP.

The company will continue to develop industrial projects in Sibiu and Pitești and plans to invest in 550 apartments in Sibiu, Craiova and Bucharest. 

Scifo Diamantino, CEO Zacaria, said the proceeds from the sale of four projects to CTP will be used to fund new business lines in Romania, especially in the retail sector. 

Zacaria plans to develop a strip mall in Cisnădie after it successfully reconverted an industrial project into a shopping center in Sibiu. The new strip mall already has Lidl as an anchor tenant and Zacaria will invest in two new buildings with a leasable area of 9,000 sqm. 

In the residential field, the company will develop 121 apartments in Sibiu, while in Craiova it will invest in 191 apartments. Meanwhile, in Bucharest it will kick off the second phase of a project in the Pipera area, with 234 residential units.