The transacted land plot is located in downtown Bucharest, on Iancu de Hunedoara 40-42 Boulevard, on the site of the former factory Industria Chimico-farmaceutica No. 2.
The intention to sell was initially announced at the Bucharest Stock Exchange at the end of August 2023. Biofarm said at the time that the sales and purchase agreement would be signed after the transaction had been approved by the Extraordinary General Meeting of Shareholders.
The transaction was exclusively brokered by the Crosspoint Real Estate team, with the Land Development department advising the seller and the Residential department representing the buyer.
”(…)The buyer is one of the clients we are constantly in touch with, always looking for new investment opportunities. This transaction also represents the security of a lasting collaboration, as we have already established the premises of an agreement for the promotion of the future residential project that will be developed here(…), said Oana Popescu, Head of Residential Crosspoint Real Estate.
The land acquired will host a residential compound with a total surface area of 6.700 square meters built.
SIF Muntenia is the largest shareholder of Biofarm, wtih an ownership stake of 51.6%. Biofarm has a market value of RON758 million and its shares have gained 25% so far in 2023.