Until it manages to get the 46-ha Romexpo land in Bucharest CBD, under a controversial draft law still under debate in Parliament, Romania’s biggest mall owner Iulius Group of Iulian Dascalu is developing a smaller 1-ha plot adjacent to Romexpo itself.

The project consists of a multifunctional complex, which will include a business centre, retail area and services on a plot of land of about 10,500 square meters, Ziarul Financiar reported.

The land was purchased from the Globe Trade Center in 2017. GTC planned in 2006 through Green Dream to build a seven-story residential project with seven blocks each and a total of 225 apartments.

In 2017 Iulian Dascalu signed an agreement to buy secondary buildings from Romexpo, and currently in partnership with the Chamber of Commerce and Industry (CCIR), plans to develop the largest real estate project ever carried out at Romexpo, following an investment of EUR 3 bln. In the process, CCIR is supposed to get for free from the state 46-ha of under a bill supported by the Liberal Party PNL and Social Democratic Party PSD even since the two parties were rivals.

andrei@romania-insider.com

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