Romanian developer Forty Management said that it started the development of Lagoon City in Seville, Spain, following an investment with a gross development value of more than EUR 100 million. The first phase consisted of acquiring a 12 ha (120,000 sqm) site in Bormujos, a suburb of Seville.

The transaction is conditional on the seller obtaining the building authorization within a maximum of 18 months, a standard step for such complex projects. The transfer of ownership was made to the group’s Swiss division, Forty Management AG, and will subsequently be transferred to the local SPV, which will develop Lagoon City Sevilla.

“This major green urban reconversion project means a long-term partnership with the local authorities of Seville, to whom we are grateful for their openness and tremendous support,” said Lucian Azoiței, CEO of Forty Management.

According to the developer, the project will generate over 600 jobs, thus contributing to the economic and social development of the region.

This investment joins other Lagoon City mixed urban reconversion projects initiated by Forty Management, such as Lagoon City Bucharest and Budapest. Within Lagoon City Bucharest, only the first phase of the project was completed and opened to the public under the name of Lagoon Park, since the urban planning documentation has been blocked by the Bucharest City Hall.

Forty Management’s portfolio currently includes eight mixed-use Lagoon City projects and 11 Public Access Lagoon projects to be developed in six other countries - Spain, Hungary, Czech Republic, Poland, Italy, France, Hungary, Poland, and the Czech Republic - plus three luxury hotels with a total of 702 rooms - Radisson Lagoon and Central District Hotel - Crest Collection in Bucharest, together with the Swisshotel Hotel within Lagoon City Budapest.

irina.marica@romania-insider.com

(Photo source: the company)