Speedwell buys 9-hectare land plot in Bucharest for 500 million Euro project

Real estate developer Speedwell signed a Promissory Sales Purchase Agreement for a 9-hectare land plot with the purpose of building a new project in Bucharest’s District 1, on Calea Grivitei. The company plans to use it for a major mixed-use ensemble, combining leisure, living, retail and work with green spaces and public amenities. The components will feature approximately 2000 apartments and 60.000 sqm of office spaces and services.

The investment value for this project is around 500-million euro, a leap forward for Speedwell as this will double up its portfolio value and size.

Speedwell’s newest addition to the portfolio is also going to be an urban regeneration project meant to repurpose an industrial area, creating a hub for contemporary urban living, where people want to live and work in.

The project will be built on nZEB (nearly Zero-Energy) and international sustainability standards.

Signing the PSPA for the land acquisition has been realised with the assistance of the land & development department of Conadi, one of the most experienced brokers in the market for this type of transactions, coordinated by Ovidiu Stana.On the legal side, the entire process has been fully supported by Reff & Associates through Irina Dimitriu – Partner and Head of Real Estate and Diana Stan – Managing Associate, in collaboration with Alex Bumbu – Legal Counsel at Speedwell.