The new company will be involved in developing the compound Openville Timisoara and other future projects.
The partnership enables the two entities to jointly hold 50% each in shopping malls Iulius Mall Iasi, Iulius Mall Timisoara, Iulius Mall Cluj and Iulius Mall Suceava, Iulius said in a statement.
Atterbury Europe is a European real estate investment company which focuses on co-investments along local partners that are leaders in their jurisdictions. Romania is the third investment jurisdiction for Atterbury Europe, following the acquisitions carried out in Serbia and Cyprus. The agreement between Iulius and Atterbury Europe targets new real estate developments in Romania, according to Iulius representatives.
Iulius’ portfolio will still be managed by the same team in property management.
Established in 1991, Iulius is the only developer and operator of „mixed use” projects in Romania, with an operational portfolio which includes over 260,000 sqm of retail space and 106,000 sqm of office space.
Iulius Group, controlled by Dascalu, is constructing a seven-building multifunctional compound called Openville, which is located in western city of Timisoara. The total investment rises to EUR220 million and the money comes from own sources and loans.
The group of companies Iu¬lius holds four shopping malls under the bran¬d Iulius, namely, Iulius Mall Iasi, Iulius Mall Timisoara, Iulius Mall Cluj and Iulius Mall Suceava. On the office segment, the company developed over 58,000 square meters of Class A office space.