Local real estate developer Imotrust Arad has sold a land plot to a retail operator for EUR 7 million, the company has announced in a release to the local stock market. Imotrust is traded on the Rasdaq market of the Bucharest Stock Exchange.
The company has not revealed where the land plot is located or to whom it was sold.
The company has already cashed in 62 percent of the sale price.
The announcement mid-last week fueled increased trading in the company’s shares, which led to a rise in its market value. However, when the EUR 7 million deal
was sealed, the firm’s stock market capitalization was below this threshold.
Imotrust Arad is controlled by Romanian businessman Alexandru Bercea through Grup Codlea.
According to the company, Imotrust Arad owns over 550,000 sqm of land in built-up areas, over 1 million sqm of land outside built-up areas, 110,000 sqm of industrial halls and 6,000 sqm of office and retail space.
It has built several residential projects, including Cesarom and Via Carmina.