Local firm GG Sky Imobiliare Invest, owned by Romanian investor George Gaita, plans to develop a mega real estate project in Voluntari, near Bucharest.

The company’s representatives recently went to the MIPIM real estate fair in Cannes to find partners for this project, which has an estimated value of EUR 900 million, local Economica.net reported.

The project is called Green Satellite and should be developed on a 26-hectare plot near the American International School in Bucharest (AISB), according to Tiberiu Florescu, an architech and member of the urbanism technical committee within the Bucharest City Hall. The land plot allows the development of 200,000 sqm of retail spaces, 100,000 sqm of office space, and 600,000 sqm of residential spaces, as well as other amenities.

The project is in an early stage but the developer has already filed to get an Urban Zonal Plan (PUZ) for the land plot.

George Gaita, 63, is a former partner of late Romanian businessman Dinu Patriciu.

editor@romania-insider.com