Real estate developer GTC (Global Trade Center), the owner of the City Gate project near the House of the Free Press in Bucharest, has bought another 15,000 sqm plot in the area, reports local Ziarul Financiar.

This is located behind the exhibition space Romexpo, on the Expozitiei boulevard, according to sources close to the company. The deal has a value of about EUR 10 million, based on estimates of EUR 700 per sqm in the area.

This is the first large transaction with a piece of land in the Expozitiei area, considered to be Bucharest’s upcoming office area, after Barbu Văcărescu-Floreasca and Orhideea.

The 15,000 sqm are part of a 61,000-sqm plot owned by the company Bluerose Ro Corp since 2007. It bought it from the Grivita Industrial Company with EUR 72.9 million in 2007.

At the end of 2013, Bluerose received a PUD - Urban Planning Detail approval to build office and retail buildings, as well as apartment blocks of up to 17 floors on the plot located between the Expozitiei boulevard and Av. Popisteanu street. The company also received the approval for a 30-floor tower. In total, the plan included 19 buildings. However, the project failed. The company is now selling a first parcel of that land.

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