Metroul SA to sell the 16,500 sqm land in Politehnica area to Bîlteanu family

Metroul SA has convened its shareholders to decide on the sale of land in the Politehnica area of Bucharest, on which the real estate developer H4L Development, controlled by the Bîlteanu family, has authorized the construction of a residential complex with about 500 apartments.

Metroul SA shareholders must decide in May on the sale of the land at a price of EUR 7.85 million, according to the purchase offer that the Bîlteanu family made to the company on April 7. The property has an area of 16,500 square meters.

Metroul SA entered into a partnership with H4L Development, based on which the real estate developer obtained last year the building permit necessary for the construction of the West Garden Politehnica residential complex, which has 494 apartments planned and an estimated development value of EUR 47 million. The initial plan was for Metroul SA to receive part of the apartments to be built in exchange for the land.

Source: Profit.ro