Iulius Group starts €220 million mixed real estate project in Timisoar
Romanian real estate developer Iulius Group has started working on its €220 million mixed real estate project in Timisoara, which will include the tallest office building in Romania.
The project, which is called Openville, features office and retail spaces, as well as a park and an entertainment area. The first works to be carried out will focus on the office component, namely the United Business Center 2 (UBC 2) Class A office building, located near the Iulius Mall.
The building will span on 18,000 sqm, on 11 floors, and is set to be completed by the end of 2016. The company has already signed partnerships with outsourcing group Ness Software Engineering Services, and with private healthcare group Regina Maria, which will open here its first clinic in Timisoara.
The first development stage of the Openville ensemble will be completed during the last quarter of 2017 and will comprise 80,000 sqm Class A office spaces, retail spaces and the park. This will also include the tallest building in Romania, which will be 155 meters high. The second development stage includes the development of office spaces up to a total of 131,000 sqm, depending on the market demands.
Openville will also create the largest suspended park in Romania, a green space spanning on over 55,000 sqm.
This is the group’s second multifunctional project, after its investment in Iasi called Palas Iasi, which required €265 million investments. The company plans to contract a syndicated loan to finance the new investment.