Pharmaceutical company Biofarm has sold a plot of land close to Victoriei Square in Bucharest for around €5 million. The land spanning 2,176 sqm, which used to host an industrial facility, was taken over by Romanian company Iancu de Hunedoara Residence SRL. The deal was brokered by Crosspoint Real Estate.
“The buyer is one of the clients we are constantly in touch with, always looking for new investment opportunities. This transaction also represents the security of a lasting collaboration, as we have already established the premises of an agreement for the promotion of the future residential project that will be developed here, where future tenants will have the opportunity to live in a building of the highest standards,” said Oana Popescu, Head of Residential at Crosspoint Real Estate.
This acquisition marks an important step in the development of one of Bucharest’s inner-city sites, which will feature 6,700 sqm of housing.
Biofarm will use the proceeds from the sale to expand its production and distribution operations.