Vastint Romania, the local real estate division of the Swedish group Inter Ikea, has purchased a 48-hectare plot in northern Bucharest where it will develop a mixed project with a dominant residential component.

This is one of the largest pots of land traded in Bucharest in recent years. The company hasn’t disclosed the value of the transaction or the seller’s name.

The land is located on Gheorghe Ionescu Sisesti street and has several facilities nearby, such as the Baneasa Shopping City commercial center, the Baneasa forest, and the Otopeni Airport. A multi-modal transport terminal is planned in the area, which should include a subway station, buses and minibuses, as well as park-and-ride facilities.

“This is a significant step for Vastint Romania. The transaction represents a long-term strategic investment which targets the development of a mixed project, predominately residential. We’ll start working on the urban planning in the coming period,” said Antoniu Panait, general manager of Vastint Romania.

Vastint Romania has two other important projects in Bucharest. One of them is the Timpuri Noi Square, located near the Unirii Square, which has up to 100,000 sqm of Class A office spaces and 50,000 sqm of planned residential spaces. The other one is named Business Garden Bucharest and is located in the Orhideea area, near the Regie student campus, and will have 41,000 sqm of office and commercial spaces.

Vastint Holding has been part of the Inter Ikea group of companies since 1989. Vastint develops and manages properties in seven countries: the Netherlands, Poland, Romania, Belgium, Lithuania, Latvia, and the UK.

Irina Popescu, irina.popescu@romania-insider.com