Pharmaceutical company Zentiva Bucharest is in talks to sell a plot of land, which measures approximately 30 hectares to investment vehicle Avrig 35, the developers of the Charles de Gaulle Plaza, sources on the real estate market say.
The plot of land Zentiva intends to sell on the industrial site of the company was not used in the manufacturing process, and company officials had said on a previous occasion that they planned to sell it. The plot is located on the Theodor Pallady Boulevard, in the eastern part of Bucharest, at the entrance to the Bucharest-Constanta highway.
"The transaction for the sale of the plots of land that are not used in the manufacturing activity has not been finalised yet and we cannot provide any more information other than what is included in the current report of the General Meeting of Shareholders due to legal restrictions," stated Klaas Postema, general manager of Zentiva, without going into details. Zentiva shareholders endorsed the sale of 310.000 square metres of land in mid January. The price of land in the area is of approximately 60 euros/square metre, according to market estimates, therefore the transaction, one of the most important this year should be worth somewhere in the region of 20 million euros.
Zentiva took over Sicomed from two investment funds, the Romanian Post-Privatisation Fund managed by GED Capital Development and the Black Sea Fund managed by Global Finance, for about 80 million euros last year.
Businessman Alexander Hergan, one of the most important players on the real estate market and the founder and CEO of Avrig 35, has focused on acquisitions of industrial assets that have a high potential as far as the real estate business is concerned lately.
Valkiria Invest Bucharest, a company backed by businessman Alexander Hergan, bought the assets of the chemical plant Solventul in Timisoara last year.
Solventul owns tens of hectares of urban land in Timisoara. Valkiria Invest''s winning of the tender was challenged in court by VGB Invest, controlled by the Iancu brothers, and the case is pending in the Court of Appeals of Alba Iulia, according to the latest information.
Avrig 35 is one of the major real estate developers on the domestic market. The company was established by four American investors in 1998 and has several office and industrial projects in its portfolio already.
The development of Avrig 35, a company run by businessman Alexander Hergan is connected to the development of the mobile telephony operator Connex. The first office building of Avrig, the Avrig Business Centre, which is an over 10,000 square metre building, was rented by Connex. Avrig 35 has developed several smaller office projects ever since, such as Berthelot 59 or the Canadian Embassy on the Kiseleff Road.
Avrig''s largest undertaking thus far, the Charles de Gaulle Plaza, entailed 40 million dollars (over 33 million euros) in investments and hosts the headquarters of Connex and of HVB and Raiffeisen banking groups.
alexandru.cerchez@zf.ro
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