The company announced the transaction in December, with the total price amounting to EUR8 million. The buyer is Israeli real estate developer Hagag.
The land transacted covers 1,361 square meters. Practic concluded the sale-purchase pre-contract on Friday (January 14). A City Grill restaurant is located on the respective plot, in close proximity to Herastrau Park.
Hagag Development Europe is the first developer that decided to make significant investments in heritage buildings to seismically retrofit and convert them into luxury residential or office buildings.
End-2021, the company also sold a plot of land of 27,845 sqm in Brasov (central Romania) to Onix Residence Bucuresti for EUR2.6 million, excluding VAT. Onix Residence Bucuresti is held by businessman Mohammad Murad.
Practic has about 35,000 sqm of retail space. Data from Ziarul Financiar daily shows that Mega Image and Carrefour supermarkets, Sensiblu and Help Net pharmacies, sports betting agencies such as Maxbet and branches of lenders ING, Idea Bank, BRD and UniCredit are among the tenants.
The company’s largest shareholders are Radu Dimofte, with a 48% stake, International Business & Trading Corporation (32%) and Wellkept Group (12%), according to Trade Register data.