London Partners acquires plot in Bucharest for the development of a mixed-use project
London Partners, the real estate developer of Soho Unirii, bought a 28,700 sqm plot of land located in Expozitiei area, in order to develop a large mixed-use project. Crosspoint Real Estate, the leader in the land transactions segment, provided buy-side consultancy in this deal of over €15 million. Thus, Crosspoint has closed two successive transactions of about 44,000 sqm of land in this part of Expozitiei, that will offer over 125,000 sqm of built area. London Partners was assisted by the Stratulat-Albulescu law firm.
This is the third residential project that the company intends to develop on the Romanian market, after acquiring the land for the development of Soho Unirii, with an estimated investment of €26 million and the 2nd phase of Belvedere project.
Catalin Gavrila, Associate Director Land Development at Crosspoint Real Estate, declares “This new large-scale transaction in Expozitiei area confirms the creation of the largest hub of real estate developments in Bucharest at the moment. As a few years ago, the Center-West area announced a series of large-scale developments that are now materialized into delivered or under construction buildings, projects that have radically changed the face or demographics of the area, we are now witnessing the edge of the Expozitiei area in Northern Bucharest. After office projects were announced, the area confirmed its potential in terms of residential developments. The transaction involved a complex structure, the negotiation process taking around 18 months, the seller being a company with several shareholders, whose expectations and needs had to be aligned with international group London Partners’ requirements.”
"We strongly believe in Expozitiei development area, this transaction being the second large deal that we concluded in this perimeter. Crosspoint signed successive transactions of about 44,000 sqm of land in this part of Expozitiei, that will offer over 125,000 sqm of built area. We have always focused on sub-markets with development potential, such as Grozavesti- Orhideea, bringing in all the arguments and research to convince our clients about their potential and we had the opportunity to work with pioneer developers, with vision, such as London Partners. We are glad to see how plots of land that we believed in a few years ago and coordinated the transaction process, now host successful office or residential projects. We are now convinced that Expozitiei area will have a similar evolution," he said.
In 2018, Crosspoint Real Estate has assisted land transactions with a total value of over €70 million. This year, the company has concluded and has ongoing land transactions with a total value of around €80 million to date.