SIF Banat-Crişana acquires land from Romanian Tobacco in Bucharest

SIF Banat-Crişana, which in 2020 bought the IMGB platform from Doosan, has acquired the Romanian Tobacco platform in the Orhideea area of the Capital. The land sold by CITR belongs to Ioan Niculae through Interagro and was for sale for the amount of EUR 33.595 million, ie EUR 537 per sqm. The transaction is one of the largest involving lands in Bucharest in recent years. The land is located opposite Ion Ţiriac's, where the billionaire has already started the procedure for building a residential project.

On the plot of 6.2 hectares it can be built on an area of 4 hectares, and taking into account an average height of eight floors, a developer could deliver up to 180,000 sqm of built area, a project that could be estimated at about EUR 400 million. Given the size of the land, a mixed real estate project could be developed there, including both office and residential.