SIF 1 IMGB, part of the Lion Capital holding (formerly SIF Banat – Crișana), has made its first major deal, buying a plot of land of about 11 hectares in western Constanta from the construction company COMCM, owned by Transilvania Investment and Consulting & Construction Investments SA, in a transaction worth over €10 million.
The site is located opposite the Jumbo and Leroy Merlin stores and comprises 26 warehouses and buildings, some of which are currently let. The plans for a mixed-use development including retail and residential space are expected.
The deal was brokered by Crosspoint Real Estate.
“We have completed a landmark transaction for the market in general and for Constanta in particular. In addition to the usual tourism and leisure developments that have been the norm for the last decade, Constanta is an emerging regional center that needs a good stock of retail and industrial real estate products.” says Ionut Stan, Head of Land Development.
“The transaction is part of a repositioning of the portfolios of two major local investment companies and deals like this unlock assets for greater value-added uses, and it’s a win-win for all parties involved, as well as the local economy, given the significant further investment that will be taking place on this site.” explained Catalin Gavrila, Partner, Land Development.
