Two Romanian investors have bought 13.9 hectares of land in the Eastern part of Bucharest from paint producer Policolor. The two entrepreneurs, Daniel Dragulin and Robertino Georgescu, plan to develop a residential project on the land, according to Ziarul Financiar.

They already own a land next to Policolor, where they are currently building 380 apartments. The two have already developed more than 1,000 apartments and villas and are currently working on four other projects in Bucharest, in Mihai Bravu, Aparatorii Patriei, Aviatiei and Policolor area.

“We plan to develop our largest project here (on the Policolor land – e.n.), Metropolitan City, which will be built in four phases and will span on 150,000 sqm. It will include some 6,000 apartments. We plan to finish it in 2017 and the total investment will be a lot larger than EUR 100 million,” said Dan Dragulin.

The exact value of the transaction was not disclosed, but it is estimated at a little over EUR 15 million. Policolor will relocate its production facilities on a new 2.4-hectare land which it bought in the Western part of Bucharest. The company already sold half of its land some years ago and a retail park was developed there. Policolor is controlled by three investment funds.

editor@romania-insider.com