Estimated as one of the largest land transactions of 2014, the Spanish company Hercesa sold a 12.700 sqm plot in Western Bucharest, in Carrefour Orhideea area, to an investment vehicle owned by Primavera Development and Forte Partners.
Crosspoint Investment Banking & Real Estate was appointed as transaction adviser since the beginning of negotiations, providing real estate advisory services and advisory for the financial structuring of the transaction.
The land is located in the close proximity of Carrefour Orhideea Commercial Center (facing Orhideelor Boulevard) and its next destination will be the development of a mix project – including retail and office components. Negotiations for this transaction started in November 2013.
“After a period of stagnation on the land transactions market and after the recent positive signals, this is one of the deals that offer encouraging messages in the market – this is one of the biggest land acquisitions closed in the last 2 years in Bucharest.
This year, we registered increasing interest in land transactions from the investors. 2014 was a good year for those investors who already prepared the infrastructure for their next developments”, stated Codrin Matei, managing partner, Crosspoint Investment Banking & Real Estate.
“We placed this investment in a moment when the real estate market seems to be re-launching. The area has a great potential, still not enough exploited – it is an area where no major investments were made yet – and we consider a great opportunity to develop projects in this area”, also states Daniel Tanasoiu, owner of Primavera Development.
“This transaction is significant from two points of view, in our vision: on the one hand, it is a landmark for the future transactions and developments in this area of Bucharest; on the other hand, it enhances our other real-estate investments in Romania”, added Mauricio Mesa Gomez, Country Manager, Hercesa.
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