Hils Development, the real estate group owned by Romanian entrepreneur Ionuț Negoiță, has purchased two land plots spanning 12 ha in western Bucharest.
The lands previously hosted an industrial facility of Spanish group Roca, which manufactures bathroom fittings.
The value of the transaction amounts to €23 million, according to Profit.ro, which first reported on the deal.
Negoiță said his group will start the permitting process for the land, where around 3,000 apartments could be developed.
Crosspoint Real Estate brokered the land transaction.
Hils Development’s portfolio comprises 11,000 delivered homes with another 1,000 units completed on annual basis in Bucharest.
