NEPI Rockcastle willing to advance a price for the much disputed Romexpo plot of land

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NEPI Rockcastle Group has voiced its intention to advance a price to the Romanian state for the plot of land at Romexpo in Bucharest or for the rights on real estate development, thus preventing the land from being transferred to a private entity free of charge.

The company is voicing its interest in taking part in a public tender to select the investor to develop the project.

NEPI Rockcastle has invested in Romania for over 13 years, and has a portfolio of 20 elaborate real estate projects all over the country, assessed to roughly 2 billion euros.

NEPI Rockcastle believes in the benefits of this project for Romania, which can develop the region and support the local economy,” reads a press release by the group.

The law allowing the Chamber of Commerce to be associated with Iulius Mall developers and to build 14 towers in the Romexpo’s courtyard has been recently adopted in the Chamber of Deputies. The law passed by the vote of PSD, PNL and PMP. It stipulates that the private plots of lands in the state’s property can be granted for free to the Chamber of Commerce. The area of Romexpo, stretching on 46 hectares, is just one of the plots of land.

USR and UDMR have voted against the bill, also announcing they will refer it to the Constitutional Court.

USR has argued that the “Parliament has made a real estate killing worth hundreds of millions of euros through this law, with the help of PMP, PSD and PNL”.

“It’s about robbing the Romanian state of a 46-ha plot of land in the best area of the Capital. The estimated sums are around 300-400 million euros. It’s about the same sum we’re investing in national roads and highways in Romania on an annual basis, or the construction cost of a highway. We are witnessing to a state’s hold-up with the help of the Parliament”, said the leader of the USR deputies, Cătălin Drulă.

In the autumn of 2017, a company part of the Iulius Group, controlled by the Iasi-based entrepreneur Iulian Dascalu, developer of the Iulius Mall near the Palace of Culture in Iasi, signed an agreement with the Romanian Chamber of Commerce and Industry and with Romexpo, with the intention of developing a real estate project there, on the Romexpo 33-ha area, which is under state property.

The project, already approved by the Bucharest City Hall, includes the construction of 14 towers, up to 42m high, to accommodate office buildings, apartments and shopping centres.

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