Belgian Speedwell to sell some land plots to finance new developments in Romania

Belgian real estate developer Speedwell is moving ahead with its projects in Bucharest, Timisoara and Cluj-Napoca, but it is selling the land purchased before the 2008 crisis in second-tier Romanian cities, according to Romania-Insider.com.

The company is looking to sell two plots of some 10 hectares each in Galati and Ramnicu Valcea, Economica.net reported.

Meanwhile, the company has submitted documents for the urban planning permit (PUZ) of the 25,000 sqm office building Miro, located in Baneasa – northern Bucharest, which involves EUR 35 million investments.

Speedwell will also develop 275 apartments and 15,000 sqm of offices plus some retail space on the premises of the former Paltim hat factory in the downtown area of Timisoara, which it recently acquired from investment fund NCH. The development cost for this project is estimated at EUR 45 million.

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