Prime Kapital and MAS Real Estate will invest 2 billion euros in Romania by 2029

BUCHAREST (Romania), September 1 (SeeNews) – Integrated real estate developer and investor Prime Kapital and its investment partner MAS PLC on Thursday announced plans to invest 1.97 billion euros ($1.965 billion) in commercial, office and residential developments in Romania in 2029, having obtained more than 1.5 million m² of land for development.

Prime Kapital and MAS plan to invest 517 million euros in the development or expansion of indoor and outdoor shopping centers in ten cities in Romania through a joint venture partnership, the companies said in a statement. Press.

The partners plan to invest €254 million in two office development projects, in Cluj-Napoca and Iasi, and a further €1.194 billion in residential developments in six cities.

“Our residential development pipeline is on track with our medium-term goal of providing 2,000 quality homes per year, in several cities across Romania,” said Prime Kapital residential and office partner Maggie Kitshoff.

Ongoing residential developments include Marmura Residence, Avalon Estate, Silk District and Pleiades Residence. Further afield, the JV plans to develop residential projects on former industrial sites in Roman Brasov and Elba Timisoara as well as residential components for large-scale mixed-use projects in Bucharest and Cluj.

A 6.9ha site has been secured in southeast Timisoara, in an area being converted from industrial to retail and residential, for the JV’s second large-scale residential development in the town. In addition, the two companies have obtained land of approximately 5.9 ha in Giurgiu, destined for an open-air shopping center of approximately 14,200 m² of gross leasable area (GLA), with a further extension potential of 4,300 m² GLA.

The two companies entered into a joint venture partnership in 2016 and mainly invest in commercial assets, residential projects and, depending on opportunities, other real estate areas.

Founded in 2008 and registered in the Isle of Man, MAS Real Estate has built, through acquisition and development, a portfolio of commercial, office, industrial, logistics and hospitality properties in Romania, Germany, UK, Bulgaria , Poland and Switzerland. MAS is listed on the main board of the Johannesburg Stock Exchange.

Prime Kapital, with offices in Romania, Bulgaria, the Netherlands, Luxembourg and the Isle of Man, focuses on the retail and residential segments in CEE.

($=1.0021 euros)

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