Martin Slabbert’s Prime Kapital will launch its first residential project in Bucharest

Prime Kapital, the company founded by South-African investor Martin Slabbert former CEO of NEPI, one of the most important investors and developer of the Romanian market, is preparing to launch its first residential project in Bucharest.

Prime Kapital has acquired an eight hectares land plot from local investor Gigi Becali, in a deal estimated at Euro 12 million in northern Bucharest, close to the Promenada mall, and in one of the most important business districts in the city.

Prima Kapital first residential project will include around 400 units and the total investment will be close to euro 100 million.

The development will try to take advantage of the qrowing demand in the area, where are active around 50,000 people and the prices for homes are between euro/sqm 1,500 and euro/sqm 2,000.

Prime Kapital is involved in commercial real estate as well. The company owns seven retail properties all in development or extension and upgrade in Iași, Pitesti, Targoviste, Balotesti, Ploiesti, Baia Mare and Roman with a total lettable surface of 291,000 sqm.

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Also, the company owns Value Centers portfolio that consists in several community and neighborhood centers in various smaller Romanian cities.

The most important project of the company seems to be Era Shopping Park Iași, which will become Mall of Moldova. 100,000 sqm of retail of which Prime Kapital owns 77,000 sqm and is investing as a joint venture with Mas Real Estate.

The partnership between the two investors continues in the transaction for Militari Shopping Center, where Prime Kapital will manage the operations until the deal, in which Mas Real Estate will pay euro 95 million, is finalised.