Shareholders of Timpuri Noi company, which is selling a5-hectare plot of land close to Bucharest centre to the real estatedevelopment company of IKEA group, got the go-ahead for the UrbanZoning Plan approved for the plot, with the document allowing forthe raising of some buildings with an area of 200,000 square metresand with a maximum height of 110 metres.
Timpuri Noi shareholders challenged the decision with the Courtof Appeal, where the request for Urban Zoning Plan annulment wasrejected as unfounded.
"The parties have reached an agreement," sources close to theproject of Timpuri Noi, told ZF. According to existing information,Faramarz owns land in Timpuri Noi area, whose visibility would behurt after the raising of some large buildings.
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