Real estate developer Vastint, the real estate development division of IKEA, received in July the urbanism certificate to build a residential complex in the north of Bucharest.

The company will develop the apartments on a 48-hectare plot acquired last year with EUR 28.8 million from the investor Teia Sponte, according to Cushman & Wakefield Echinox, reports local Economica.net.

The plot is located near the Straulesti terminal, with a subway station and park-and-ride facilities. About 10,000 apartments could be built there, at an average size of 70 sqm per apartment. Vastint will invest several hundred million euros in the project.

The developer has recently started the construction work on the third office building of the Timpuri Noi Square project. This will have a rentable area of 20,000 sqm. The deadline to complete the building is the second part of 2018.

The first two office buildings have been completed and are now operational.

editor@romania-insider.com