Hungarian real estate group Futureal announced its exit from the ParkLake mall project in Bucharest, developed by Portuguese group Sonae Sierra and Irish Caelum Development.

Futureal participated in the development of ParkLake by financing Caelum Development, which controls half of the shopping center. The Hungarian group cashed in EUR 19 million from its exit.

Futureal will intensify its activity in Romania through its residential investments brand, Cordia. The company has recently announced a EUR 50 million investment plan in Bucharest for the next year. Cordia plans to deliver about 500 apartments per year in Romania, designed for medium and medium high segments.

“The investment budget of Cordia Romania for the next year amounts to EUR 50 million. Part of it will go to developing Parcului20 condominium, and another part to other investment activities, including the acquisition of new land plots. We have already purchased three plots on which we plan to build 1,300 apartments in the years to come,” said Mauricio Mesa Gomez, CEO of Cordia Romania.

editor@romania-insider.com

(photo source: Facebook / ParkLake)