Futureal Group announces an exit worth EUR 19 million from the retail project ParkLake, developed by Sonnae Siera and Caelum Development. Futureal participated in the development of ParkLake by financing Caelum Development, the latter controlling 50 percent of the shopping center. The group will intensify its activity in Romania through its residential investments brand, Cordia.
The company has recently announced a EUR 50 million worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium high segments.
ParkLake was inaugurated in September 2016, following a total investment of 180 million euros. The shopping center is 70,000 square meters GLA, with over 200 stores, 23 restaurants, a multiplex cinema and underground parking with a capacity of up to 2,600 cars. ParkLake was developed through a 50/50 partnership between Sonae Sierra and Caelum Development.
”Through our partnership with Caelum we have contributed to the development of a real estate project that has become one of the most important shopping centers in Bucharest. We see significant potential in the real estate market in Romania, for which we have designed a long-term investment program. Parcului 20 is a pilot project from our residential portfolio, amounting to 40 million EUR worth of investment, that will unfold over the course of three years,” says Gabor Futo, founder of Futureal Group.
Futureal, one of the largest developers in Central and Eastern Europe, is active on the Romanian real estate market through its residential investment division, Cordia. Futureal portfolio of assets and developments amounts to a total EUR 2.7 billion. Recently, Cordia Romania announced the development of Parcului20, a condominium with 469 apartments located north Bucharest, in Expoziției area. The first phase of the project consists in 260 units. Development will begin by the end of this year, to be delivered in September 2020.
”The investment budget of Cordia Romania for the next year amounts to EUR 50 million. Part of it will go to developing Parcului20 condominium, and another part to other investment activities, including the acquisition of new land plots. We have already purchased three plots on which we plan to build 1,300 apartments in the years to come. We are in advanced discussions for two other properties, located Central-North Bucharest. We estimate a sustained pace of 500 apartments per year,” says Mauricio Mesa Gomez, CEO of Cordia Romania.
Cordia objective is to become the main regional developer of residential projects and to further develop its footprint by creating sustainable projects, that highlight existing local communities.
Futureal is one of the leading real estate developers and investors in Central and Eastern Europe and is among the top 10 largest real estate developers in Europe. Since its foundation Futureal Group’s portfolio has included more than 100 real estate projects with a total value of EUR 3 billion over 2 million square meters. One of the Futureal Group’s most outstanding projects is Corvin Promenade, the largest inner-city urban regeneration project in the CEE region. Futureal Group’s subsidiary Cordia is the leading residential real estate developer of Hungary. Cordia has a total of 50 ongoing residential projects in Hungary and other countries of the region including Romania and Poland. Cordia has already sold 4,300 homes and it is currently constructing close to 4,000 apartments.
ParkLake, a shopping center that has been awarded the BREEAM certification, with the score Excellent, has created an additional 22,000 square meters of green space with over 250 trees, which now hosts outdoor, entertainment and sports events in Bucharest. ParkLake has a 2,000 square meters terrace which connects it to the relaxation area and the food hall that overlooks a 1,000 square meters events plaza used for concerts, shows, exhibitions, tournaments and exhibitions.