The two properties located on Jandarmeriei Street, in the North of Bucharest, have a total area of over 50,000 square meters.
"We are pleased to have completed a new step in our strategy of selling properties that do not match our office and retail portfolio. We will continue the sale of Adama's extensive portfolio of premium land, land that is particularly suited to residential developments", said Fulga Dinu, Country Manager Operations for IMMOFINANZ Romania.
Speedwell is a full-service real estate developer with focus on Eastern Europe and especially Romania. The two properties are part of the Jandarmeriei Residence and Jandarmeriei Office complex. The first property has an area of approximately 25,268 square meters and the second land is around 25,721 square meters. The parties agreed not to disclose other details about the transactions.
Immofinanz began to sell the lands in the portfolio of the Adama residential company to focus on the development of commercial and office buildings.
"Land on the Jandarmeriei Street is the missing link in completing the Speedwell residential portfolio on the premium market segment. The size of the project will allow the quality of the living to be increased in the city center. The plots will be served by facilities such as retail, relaxation and office areas in the immediate vicinity. One of these office areas is the new Speedwell office project located on DN1", said Deputy Secretary, Didier Balcaen, General Manager of Speedwell.
Other land located in Bucharest is in the process of being sold and will be sold in the next period.
At the beginning of November 2017, IMMOFINANZ announced that it had begun to sell from Adama's land portfolio. (source: forbes.ro)
