Redport announces record transactions in 2024

The real estate developer, Redport, has reported record financial results for the first 10 months of 2024. The company achieved pre-sales of residential units and pre-leases totaling over RON 200 million (approximately EUR 40 million), nearly double the total performance for the entire year of 2023.

"The results reflect the trust our clients place in our projects and the commitment of the Redport team to deliver homes and spaces that meet the highest quality standards. Achieving sales exceeding 40 million Euros by October demonstrates the strength of our vision and business model," stated Cosmin Savu-Cristescu, CEO and founder of Redport.

Infinity Nord I - Pre-sales and pre-leases were valued at an estimated EUR 20.7 million. The project attracted interest for 106 apartments, with more than half being two-bedroom units, and one-quarter being three-bedroom units. Most of these purchases were made for investment purposes.

The Level Apartments III - A total of 75 units were sold, amounting to EUR 10.8 million. Two- and three-bedroom apartments were the most sought-after, followed by studios and four-bedroom units. The project attracted an equal share of investors and end-users.

The Level Apartments IV - Pre-sales totaled EUR 8.7 million for 62 apartments, with over 85% of buyers being investors. Half of the transactions involved studio apartments, followed by two-bedroom and three-bedroom units.

Redport owns land in Bucharest’s New North, in the Străulești - Petrom City area, where it plans to develop over 2,000 apartments and 15,000 square meters of commercial spaces in the next five years. To strengthen its position in Bucharest’s real estate market, the company aims to expand its portfolio with new projects in other areas of the city.

"Building on the success of our current developments, we are preparing to launch an ambitious new project with over 500 units in the city’s eastern area. This urban redevelopment project has already been approved and reflects our vision to redefine urban living in Bucharest by creating integrated communities," added Cosmin Savu-Cristescu.

To accelerate ongoing projects and capitalize on new opportunities, Redport has decided to increase its share capital by bringing in new shareholders alongside its existing investors. A private placement, managed by financial investment services firm Goldring S.A., will secure additional capital of up to EUR 5 million.