The plot is located in the Floreasca-Barbu Vacarescu area in northern Bucharest and will host an office building called Green Court Bucharest to be developed by Skanska in three stages.
Skanska Romania’s president Andreas Lindelof said in a statement Monday that the Floreasca-Barbu Vacarescu area has become the most dynamic destination for office spaces in Bucharest and has lured both tenants and investors. Lindelof added it is the perfect location for the first office project Skanska is developing in Romania.
Skanska Romania did not disclose in its statement the value of the transaction or the seller.
Data in the Official Journal of Romania show that Skanska bought the land plot from Banseasa Investments held by Popoviciu. The sales contract was concluded a few months ago between Baneasa Investments and SPC Beta Property Development Company, registered in Romania and entirely held by Skanska. The transaction targeted a land plot of around 15,000 square meters for which Skanska paid EUR13.8 million, net of VAT.
Skanska plans to construct three office buildings with a total lettable area of 52,000 square meters. Construction works are set to start in the first quarter of 2013.
The Floreasca-Barbu Vacarescu-Pipera area in northern Bucharest has been the most active part of the city for real estate development in the past few years. Several office buildings have been already built there and a mall–Promenada–is scheduled for completion next year.
Skanska currently develops projects in Sweden, Norway, Denmark, Finland, Poland, the Czech Republic, Estonia, Slovakia, Ukraine, the UK, the U.S. and in several countries in South America. The company laid off over 10,000 employees between 2007 and 2010, impacted by the economic crisis.
Skanska is a real estate giant with 1.9 million square meters in projects completed and 500,000 square meters in projects under development.