Speedwell is the second investor to publicly admit that it laid off 10% of its workforce

Developer Speedwell is the second investor to openly state that it gave up on 10% of its workforce due to the difficulty it is having securing clearances from Capital City Hall. Additionally, foreign investors drawn to Romanian real estate prefer to forget about Bucharest.

The company's plans for the 11-hectare land, purchased from Griro at the end of last year, include the integration of old buildings, the metal structure, and the construction of new office buildings, retail spaces, and apartments, all in a massive project that would be completed in ten years after a EUR 500 million investment. However, the project is currently stalled, and the developer was forced to lay off 10% of the 70 employees.

Didier Balcaen, who together with Jan Demeyere founded Speedwell, said that obtaining the construction permit depends on the City Hall and expressed his confidence that the PUZ could be approved by the end of this year. But, no PUZ has been approved in the two years since Bucharest has been led by Nicușor Dan.

Source: Economica.net