The investment in the project doesn’t include the value of the land on the Pumac industrial platform, owned by the company.
The project, called Cotroceni Business Park, will feature 60,000 sqm of offices and retail. The project should be finalized in two years, according to Tudorache. The company owns 1,000 hectares of land around the capital city and plans to build a satellite city, he also said. The company is currently working on a logistics park in Chitila, some 45,000 sqm to be built at completion. The project is being completed in partnership with UBM Austria. The industrial platform in Chitila will host three companies in the group, Pumac, Simar and Astar. A residential park in Ciocanesti and an office building on Iancu Nicolae, close to Jolie Ville mall are also under development by the company. Newarch is working on real estate mainly through Metropola Imobiliar. The company has so far completed Dealul Spirii Business center, close to Marriott Hotel, some 1,350 sqm of lettable area.
It is planning a second building in the area, some 8,000 sqm more of office space. It has also finalized Carol Davila business villa, some 717 sqm of lettable area. Preciziei Business center, a third office project, should be finalized this year, and is already 95 percent leased, according to data from the company.
Apart from distribution company Montero, Newarch Investments owns half of pharmacies chain Remedio. Newarch Investments numbers 15 companies.