Hungarian group Futureal, one of the biggest real estate investors in Central-Eastern Europe, has acquired four land plots in northern Bucharest and plans to develop residential projects for the medium and medium-high customers category under a broader EUR 100 million plan.

Cordia Romania, the local subsidiary of Futureal's residential division Cordia, will develop the projects.

“Cordia Romania aims to develop 500 apartments annually in the coming years. By the purchase of these plots, with a total area of approximately eight hectares, we have secured the basis for the development of our future residential projects,” said Mauricio Mesa Gomez, CEO of Cordia Romania and member of Cordia Board of Directors.

Cordia Romania has also been working on a separate residential development, Parcului20, where it will invest EUR 40 million. In December 2018 Cordia Romania received the building permit for Parcului20 condominium, developed by the company in Expozitiei area.

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(Photo source: Cordia)