River Invest Company, held by the MYO-O, the owner of Semanatoarea combine manufacturer, will develop a real estate project worth several hundred million euros over a 35 hectare plot of land in an area close to the centre of Bucharest, according to information on the market.
The investment could be announced during a news conference today, and is promoted as "the biggest real estate project in Bucharest." The project will be located on the industrial site of the Semanatoarea company, close to the Regie student campus in Sector 6 of Bucharest.
The real estate project will be developed on an over 350,000 square metre plot of land, according to information in the market. In comparison, the plot of land whereupon the Esplanada real estate project will be developed is an approximately 100,000 square metre surface area, with this project requiring investments estimated at more than one billion euros by the time of completion.
The value of the investments in the project to be developed by River Invest is in the range of hundreds of millions of euros, according to information on the market, as this is the biggest integrated real estate project inside Bucharest, in terms of surface area. It will comprise office, residential and retail spaces.
River Invest is an investment vehicle controlled by MYO-O, Agroprest, Intermed Consulting & Management and Sema Parc, and by Adrian Coralevici, according to Trade Registry data.
Intermed Consulting & Management is controlled by Ion Radulea, the chairman of MYO-O, the majority shareholder of Semanatoarea.
Others investors may be involved, too. Businessman Ion Tiriac last year discussed with Semanatoarea''s owner about a joint development in this area together with a Spanish company.
The partnership with Tiriac fell through, according to the information available on the market. The businessman has a partnership in place with Riofisa to develop real estate projects on the Romanian market.
Another integrated real estate project whose development has already begun is Baneasa. This project is estimated at approximately 1.2 billion euros and is located in northern Bucharest.
MYO-O became the majority shareholder of Semanatoarea Bucharest in 2000. It owns 86.2% of the company, after the attempt to privatise Semanatoarea with New Holland failed. A fully Romanian-owned company, MYO-O was established in 1993 and its core business is trade in farming machinery and equipment made by Semanatoarea Bucharest, as well as other domestic and international producers. MYO-O was the only company that submitted a bid for the privatisation of another farming equipment manufacturer, Tractorul Brasov. Talks with the APAPS lasted eight months, but the privatisation contract was not concluded before the expiry of the signing deadline.
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