Romanian Do-It-Yourself retailer Dedeman, controlled by the local investors Adrian and Dragos Paval, has acquired a 2.7-hectare plot in Bucharest’s District 5, on the Progresului avenue.

The land was bought with EUR 6.7 million from the flax and hemp manufacturer Industria Iutei, reports local Ziarul Financiar. Dedeman could build a smaller DIY store there, as well as an office project or a residential one. It hasn’t yet decided.

In 2008, the authorities granted the Urban Zoning Planning - PUZ for building a mixed-use project on that land. However, the PUZ expired nine years ago.

The area has many retail projects, including the Vulcan Value Centre retail park, or the Liberty Center and Nasaud Shopping Center malls. It also sees more office projects. The first stage of the AFI Tech Park will be delivered next year.

editor@romania-insider.com