Romanian real estate developer Impact Developer & Contractor (IMP) has acquired a 5.5-hectare plot in the Promenada area, in Northern Bucharest, where it will build a residential complex, reports local Economica.net. It bought the land from NUSCO Imobiliaria.

The area has huge residential potential, because it hosts Bucharest’s largest office hub.

Impact has recently acquired another 2.6-hectare land in the Barbu Vacarescu area, also in Northern Bucharest, with EUR 9 million. The company will develop a residential complex there, with at least 1,000 apartments.

Moreover, Impact completed the acquisition of a 2.2-hectare plot in the Expozitiei Boulevard area this summer. It will develop a residential project there with 600 apartments.

Romanian investor Gheorghe Iaciu owns a stake of 49.4% in Impact. The company was founded in 1991. It has completed 16 residential complexes so far.

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