According to shareholders’ decisions, the existing infrastructure on the land will be decommissioned for the implementation of an urban regeneration and development project at the developer’s cost under the Superficies Contract. The object of the contract targets two plots of land covering 254,261 square meters and 129,335 sqm, respectively, the Superficies Tax is EUR2 million and the Duration of the Superficies Contract is 99 years with the possibility of extension in accordance with the applicable legal provisions.
The following functions within the project will be developed directly by the developer: Retail, Office, Residential, Entertainment, Park, Botanical Garden, Fresh Market , Related parking. The following functions may be developed, at the Developer’s decision, with or directly by public or private institutional partners: University/university campus, Aquarium, Hotel, Related parking, SPA. After the approval of the Zoning Urban Plan, the developer will be able to decide on the development of the previously foreseen functions.
A potential source of income to fund the investments is to capitalize on the assets that are no longer adequate for the object of activity of Oil Terminal.
Iulius Real Estate is controlled by businessman Iulian Dascalu, the largest shopping mall owner in Romania. The 38-hectare land Oil Terminal plans to turn into a real estate project will be the largest the Group run by Iulian Dascalu has so far developed.
Oil Terminal has a market value of RON350.7 million and is 87.76%-owned by the Romanian State through the Ministry of Energy. OIL shares have lost 27.3% so far in 2023, amid deals worth RON10 million, in line with stock market data.
Oil Terminal had a net profit of RON25.4 million in the first six months of 2023, up 43% from RON17.8 million reported for the first six of 2022. Revenues reached RON172.5 million in January-June 2023, up 28% on the year, and its net turnover climbed 29% on the year to RON169.7 million.