Skanska’s move confirms the real estate investment appetite for the central-western area of Bucharest, which includes the Orhideelor area, the Basarab Overpass and the areas around the Grozavesti, Petrache Poenaru and Politehnica subway stations.
Skanska has already developed the Green Court office complex in Floreasca, northern Bucharest.
The owners of the land Skanska bought on the former site of the Pumac plant were Ion Radulea, who owns the Sema Park complex and the Bonte family, a shareholder of the of Centrofarm retail pharmacy network. The former Pumac site is one of the most coveted sites in Bucharest by real estate developers because it is close to the subway, the Basarab Overpass and university campuses, which can provide work force for the companies looking to open offices in the area.
Real estate consultants put the deal at EUR12 million to EUR17 million, considering the price in the area stands at EUR600 to EUR800 per square meter.
The former Pumac site covers 7 hectares, 5 of which held by Radulea and Bonte (Skanska bought 2.1 hectares of the 5) and rest held by Newarch investment vehicle of Tudorache brothers, according to the latest information available.
“I strongly believe the central-western area is a place where we can continue our development activity,” said Marcin Lapinski, Skanska Property Romania president.
Skanska has been seeing great demand from BPO (business process outsourcing), SSC (shared service center) and IT companies, which regard this area as the perfect spot, because of the proximity to the Politehnica University of Bucharest campus and access to public transportation, he added.
Green Court, the only local development of Skanska, comprises three office buildings totaling 52,000 square meters. The first two have already been completed and one of them already sold to Globalworth, a real estate development company run by Greek businessman Ioannis Papalekas, for EUR44 million.
(English version by Loredana Fratila-Cristescu)