IKEA converts Timpuri Noi into apartments, offices and retail space
Timpuri Noi industrial site, which covers 51,000 square metres,
located one metro station away from Bucharest's city centre, has
been bought by the real estate division of Swedish group IKEA,
which will build apartments, offices, and retail spaces on the
plot, but no IKEA-branded furniture store.
At a time when investors are still keeping away from the real
estate sector, the company of Swedish billionaire Ingvar Kampard
has committed to pay almost 35 million euros for a plot in
Bucharest, with this being the biggest transaction involving land
in two years.
"This is a long-term investment, aimed at developing mixed spaces:
residential, office, and retail," announced representatives of
Inter IKEA Group, who say the land would not be used to build an
IKEA store.
The price paid, 678 euros/square metre, is almost three times lower
than the figures thrown around the market two or three years
ago.