The value of the transaction was not made public.
The land plot is located on the on the premises of the former 1 IUNIE S. A. textile factory. The total surface of the plot entails 24,217 square meters that will be further developed for residential, office, and commercial use. The plot comprises existing assets with a built capacity of around 33,000 sqm, company officials said on Wednesday.
“Corresponding to what has been achieved with PALTIM, our mixed-use project in Timisoara that includes residential, office, and commercial space, the new development will offer exceptional value to its inhabitants due to our commitment to quality and sustainability but as well due to its excellent location close to the centre of Timișoara, its history, and natural beauty,” said Jan Demeyere, Architect and Co-Founder of Speedwell.
Speedwell’s new development in Timisoara will include residential units, office spaces, small production and cultural venues, local shops and recreation areas.
Speedwell’s portfolio includes office, residential and mixed-use projects in Bucharest and regional cities.