The two companies entered a joint-venture partnership in 2016 (the DJV), and are investing predominantly in retail assets, carefully selected residential projects, and, depending on opportunities, other real estate areas. They have secured over 1.5 million sqm of development GLA/GSA.
“Our residential development pipeline is on track with our medium-term goal to deliver 2,000 quality dwellings per year over multiple cities in Romania”, said Maggie Kitshoff, Residential and Office Partner in Prime Kapital.
The two groups plan to invest EUR 517 million in developing or extending enclosed and open-air malls in 10 cities across Romania: Cluj-Napoca, Iasi, Pitesti, Alba Iulia, Bucharest, Brasov, Giurgiu, Baia Mare, Slobozia, and Roman.
For office development, the two partners plan to invest, via the DJV, EUR 254 million, in two projects in Cluj-Napoca and Iasi (Silk District), and an additional EUR 1.19 billion for residential developments in six cities: Bucharest (3 projects), Brașov (1 project), Cluj-Napoca (1 project), Iași (1 project), Ploiești (1 project), Timișoara (2 projects).
“We are happy to have extended our partnership and are looking forward to continuing our growth via further commercial and residential development pipeline”, said Irina Grigore, CEO of MAS PLC.
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