The plot of land is located in the vicinity of Baneasa Shopping City, Baneasa forest and Otopeni Airport.
“The transaction represents a long-term strategic investment which targets the development of a joint, predominantly residential project. In the upcoming period, we will start working on urban planning,” said Antoniu Panait, general manager of Vastint Romania.
Vastint Romania is also developing another two important projects in Bucharest: Timpuri Noi Square, with 100,000 square meters of class A office and commercial spaces and 50,000 square meters of planned residential spaces and Business Garden Bucharest, with 41,000 square meters of class A offices and commercial spaces.
Vastint manages properties developed in seven countries: The Netherlands, Poland, Romania, Belgium, Lithuania, Latvia and Great Britain, unrelated to the commercial operations of Ikea.
Ikea Group’s retail division is represented in Romania through a store opened in capital Bucharest in 2007. The group has recently bought a plot of land to build a second store, in Bucharest as well.