Real estate company buys 38 acres in the heart of Bucharest to build luxury neighborhood in $105.6 million deal
Africa Israel Investments Group headed by Lev Leviev signed a purchase agreement of a 38-acre factory in Bucharest over the weekend. The plot's blueprints have been approved for a 700,000 square meter residential and commercial area. According to estimates, the company plans to build a luxury neighborhood in the area with between 4,000 and 5,000 housing units.
The transaction is expected to cost 77.5 million euros ($105.6 million). Tthe plot is located in the center of the city, in the heart of an existing residential area and the company is expected to begin construction within a year.
This is Africa Israel's biggest acquisition in Romania to date. Up until now, the company has purchased 25 acres in northern Bucharest in the Pipera region, and two shopping malls in Romania. The company believes that the real estate potential in Romania has not yet been realized and is in the middle of negotiations on a number of other deals in the country.