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