Redport Capital and Mobexpert complete the acquisition of 44,000 square meters of land in Petrom

Redport Capital and Mobexpert group completed the acquisition of 44,000 square meters of land in Straulesti area, next to Petrom City, in a transaction with a value of approximately EUR 13 million. Redport Capital is a local residential developers active in the north of Bucharest, while Mobexpert group is a furniture retailers active on the Romanian market and also a residential developer.

The purchased land is divided into three lots, located on the sides of Petrom City office buildings, with openings to Petrolistilor Boulevard and Straulesti Road. The area is one of the hottest spots on the real estate development map in Bucharest, with a well-developed general infrastructure.

Redport Capital is thus shaping up to be the main player in the area, considering the plots of land acquired. The company is also developing The Level Apartments, the first two phases of which being already delivered and the next two phases being under preparation. For the three purchased lots, Redport Capital is in the advanced planning process for the construction of a large-scale residential project.

”We closed one of the most important land transactions in the northern area of Bucharest, the purchased plots offering us the opportunity of building a flagship project of the entire Straulesti area – which will become one of the main real estate development poles of Bucharest. We will initiate an extensive process of urban reconversion and regeneration, carefully planned with the best specialists in the field, to develop Infinity Nord, a project at international standards, with more than 1,000 homes, which will become a landmark of the local residential market,” stated Cosmin Savu-Cristescu, managing director majority shareholder of Redport group.

The investors held an international project competition for the designation of the company in charge with carrying out the area’s development masterplan. Reference companies in the field participated and the winner was Design International, and architecture and design company with headquarters in London and offices in Shanghai, Milan and Dubai.

”We intend to build a project that will implement a sustainable development vision for the next decades, which will completely reshape the entire Straulesti area to successfully reintegrate it into the city landscape. It will be a fair and thoroughly thought-out project, which will put at the foreground the ecosystem existing in the Petrom City area, especially for those who will live here,” stated Dan Sucu, founder, and shareholder of Mobexpert group.

The development of Inifity Nord is set to begin this fall and will be carried out in several stages until the complete delivery, estimated for 2030. The project will represent one of the largest urban regenerations of this size in Bucharest, and will also offer large leisure areas, commercial spaces, and multiple options for the free time.

"Straulesti – Petrom City will soon become one of the key points on the real estate development map in Bucharest, with already completed land transactions worth tens of millions of Euros, on which more than 5,000 apartments can be built," commented Andrei Sarbu, CEO of real estate consultant SVN Romania, which provided consultancy to both buyers.

Redport group was founded in 2016 by Cosmin Savu – Cristescu and is a group of companies specialised in the construction, investment, development and management of real estate projects. The company delivered so far, The Level Apartments I and The Level Apartments II, totalling 175 apartments, following investments of EUR 16 million.