Romania’s Iulius to invest 500 mln euro in Cluj-Napoca mixed-use real estate project

BUCHAREST (Romania), April 6 (SeeNews) – Romanian real estate developer Iulius said that it plans to invest around 500 million euros ($549 million) in a new mixed-use project in the northwestern city of Cluj-Napoca.

Works are expected to start at the beginning of 2023, Iulius said in a press release on Tuesday.

The investment will be made in partnership with Netherlands-based real estate investment company Atterbury Europe.

The project will include the largest retail area in the country, of some 115,000 sq m, smart green offices, a cultural center, two restored industrial heritage buildings, an urban garden, a new bridge over the Somes river, a footbridge and the largest underground car park in the country, with over 6,000 spaces.

“This investment in the reconversion of the industrial area will be of great scope, aligned with the general strategy of urban development of Cluj,” Iulius president Iulian Dascalu said.

The mixed-use project will be located on a 14 ha industrial area of ​​local abrasive materials producer Carbochim [BSE:CBC] which is relocating its activity in the city. Carbochim’s majority shareholder is Carbo Europe, a company of Iulius Holding. Over 5 million euros will be invested in the relocation, modernization and refurbishment of Carbochim’s production unit.

With more than 30 years of real estate experience, Iulius operates a retail portfolio covering upwards of 300,000 sq m in mixed-use urban reconstruction projects and regional shopping malls in Iasi, Timisoara, Cluj-Napoca and Suceava. In the office segment, Iulius operates 13 green buildings with a total area of ​​152,000 sq m.

Carbochim’s shares last traded on the Bucharest Stock Exchange on April 5, closing at 53 lei ($12/11 euro).

($ =0.9107 euros)