Romanian entrepreneurs Dragoș and Adrian Pavăl, the owners of Dedeman DIY chain and Paval Holding, bought over 310 hectares of agricultural land in Tulcea county from the company Agristar, controlled by Norwegian entrepreneur Øivind Lønnestad Tidemandsen, the owner of the XXL retail network.

The Pavăl brothers also own a part of the Moldova Farming agricultural business, with a portfolio of over 10,000 hectares.

The brothers took over the land through their investment company, PIF Industrial. The target was the Agri Concept company, previously owned by Agristar vehicle owned by the Norwegian entrepreneur.

The company's portfolio includes 310 plots of agricultural land located in the localities of Cerna and Peceneaga in Tulcea, with a total area of 313 hectares.

The lots, consolidated by Agristar in the period 2008-2019, were recently valued at EUR 5,500 per hectare, resulting in a total of EUR 1.7 mln.

The market study that was the basis of the evaluation shows that the value of one hectare of out-of-town land in Peceneaga commune is EUR 4,500 per hectare, and one hectare of agricultural land in Cerna is worth EUR 4,030, according to the document consulted by Profit.ro.

(Photo: Mihai Neacsu/ Dreamstime)

andrei@romania-insider.com