Immofinanz began selling several landplots in Romania

Austria-based Immofinanz, one of the leading real estate investors in Romania, began to sell the first landplots belonging to of its residential company Adama. According to a press release, two landplots located in Bucharest and Voluntari have already been sold, while the transaction for another terrain, located in central Bucharest, is set to be finalized in November.

The three assets have a total surface of almost 36,000 sqm. The company is also set to finalize sale agreements for some other Adama landplots in the near future.

“These transactions represent a natural step in our strategy to focus on our existing and future office and retail properties. While Adama has an extensive portfolio of premium landplots, we believe these are particularly well-suited for residential developments”, said Sorin Visoianu, Country Manager Operations Romania at Immofinanz. “We will continue the sale process for the remaining assets that do not belong to our core business, to further strengthen our business.”

Immofinanz has finalized the sale of two landplots, in a transaction assisted by CBRE and Cushman & Wakefield Echinox. One terrain is located on Ghencea Boulevard in Bucharest and has a surface of 12,000 sqm, while the other is on Erou Iancu Nicolae Street in the city of Voluntari, and covers 13,000 sqm. Furthermore, the company is set to finalize the sale of another 10,800 sqm landplot on Vasile Lascar Street in Bucharest in November. The parties have agreed not to disclose further details on the transactions.

Some more landplots, located in Bucharest, with a total surface of over 70,000 sqm, are subject to an ongoing sale process, and are likely to be sold in the next period.

Immofinanz became Adama’s only shareholder six years ago after a transaction of EUR 42.43 million.