Prime Kapital to develop a 330 million euro mixed-use real estate project in Romania

BUCHAREST (Romania), November 3 (SeeNews) – Prime Kapital, a real estate developer, investor and operator active in Central and Eastern Europe (CEE), announced on Thursday its intention to invest 330 million euros (321.26 million dollars) in a mixed-use complex project in the city of Cluj-Napoca, in northwestern Romania.

The urban regeneration project aims to transform an industrial platform of 17.1 ha into a mixed-use development which includes a shopping center of approximately 75,000 m² of gross leasable area (GLA), a residential complex of 1,400 apartments and an office space of more than 49,000 m². m GLA, Prime Kapital said in a press release.

It is estimated that the project will generate 9,000 permanent jobs and support 3,000 construction jobs while contributing approximately more than €60 million to the local budget during the construction period and the following ten years.

In 2016, Prime Kapital entered into a joint venture partnership with MAS PLC, an Isle of Man registered property investor with a CEE focused property portfolio.

In September, Prime Kapital and MAS PLC announced plans to invest nearly €2 billion in retail, office and residential developments in Romania by 2029, having secured over 1.5 million square meters of land to be developed.

In March, Prime Kapital announced that it had raised a €125 million green club loan facility based on project finance for five new, recently opened retail properties in Romania and a sixth which was under development in the time.

($=1.0272 euros)

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