The legality of the property transfer had been challenged by USR and UDMR lawmakers but the Constitutional Court rejected their claims.
The land, which is worth an estimated EUR200-250 million, is set to host a mixed-use development to be built by Iulius Group and Atterbury Europe. The investment would amount to EUR2.87 billion and would be completed in five years.
The proposed development will include the modernization of the Romexpo central pavilion, a Brancusi art museum, parks and recreation areas, conference and exhibition spaces and a five-star hotel.
All the buildings and additional construction on the land in question belong to Romexpo, which is 91.26 % owned by Romania’s Chamber of Commerce. The land was private property of the state and the Parliament transferred it for free to the Chamber of Commerce in September 2020.
Iulius Group, founded by Iulian Dascalu, ownes the mixed-use projects Palas in Iasi and Iulius Town in Timisoara, Iulius shopping malls in Iasi, Timisoara, Cluj-Napoca and Suceava, as well as a few office buildings.