Prime Kapital buys Teba Industry platform in Iasi

Real estate developer Prime Kapital, set up by Martin Slabbert and Victor Semionov, former managers of the South African investment fund NEPI Rockcastle, has acquired Teba Industry’s 10-hectare platform in Iasi.

According to BZI, the value of the transaction was around EUR 28 million and Prime Kapital wants to develop an office building and a housing complex of EUR 40 million.

In Iasi, Prime Kapital owns Era Shopping Park, along with MAS Real Estate, South Africa’s investment fund.

Local press says that the transaction will ignite a scandal, because the privatisation of Tomiris SA, formerly Intreprinderea de Matase Victoria Iasi, raises unanswered questions that and the state would have lost EUR 1 billion.

Prime Kapital and MAS RE, its partner, intend to transform the former plant in a mixed project that includes more than 100,000 square meters of office space and a hotel, as well as 2,500 apartments. The development budget for this project is aroud EUR 200 million.

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Prime Capital recently launched its first residential project in Romania, Avalon Estate, with approximately 800 apartments and villas.