This project is intended to be one of the biggest investments in Constanta in recent years and is the largest partnership between a state-run company and an entrepreneur.
The information was published in the letter of intent for the project, which the Oil Terminal shareholders approved on March 2. The plot of land to be used is Oil Terminal’s and the developer is Iulius Real Estate, which would both self-fund and use resources attracted for the project.
The developer should build hotels, office space for private and public sector, retail and logistics space, among others, on the 38-hectare plot, a document on Oil Terminal’s website says.
Iulius Real Estate is part of the group is held by businessman Iulian Dascalu, the largest mall owner in Romania, and South Africa’s Atterbury Europe. Iulius Group’s market value is EUR1.2 billion, according to an Oil Terminal document.
Oil Terminal is 60% owned by Romania’s government via the Energy Ministry.
(English version by Loredana Fratila-Cristescu)