“The partnership agreement is hereby approved and parties to it are: The Chamber of Industry and Commerce of Romania (CCIR), Romexpo SA and Stoneberg SRL (`Developer’), a limited liability company (…) part of the Iulius Group,” the Official Gazette reads.
The Romexpo-Stoneberg agreement was signed for one year and may be extended. Besides the sale of the secondary buildings, it entails construction by Stoneberg of 3,000 square meter facilities in the B pavilions with a budget of at least EUR2 million.
Stoneberg shows as registered with the Finance Ministry on August 16, 2017 and has the same address as the Iulius Group in Iasi.
“No comment,” Iulius Group officials told ZF.
Romexpo did not return ZF’s calls for comment by press time, while the Chamber of Industry and Commerce of Romania, Romexpo’s majority shareholder would not provide additional details about the project to be developed after the existing buildings have been torn down.
This is Iulian Dascalu’s first move on the real estate market in Bucharest, after having built a portfolio in several other cities. His entrance on this market could put a new local company at the forefront of real estate development in Bucharest, where most projects are developed by foreign companies.
Iulius Group is one of the leading real estate developers in Romania, having invested more than EUR600 million in Iasi, Timisoara, Cluj and Suceava.
(English version by Loredana Fratila-Cristescu)