Cordia Romania, member of Futureal Group, intends to start, by the end of 2020, construction works on the second phase of Parcului20 residential project in Expoziției area, North Bucharest. The company is preparing the first phase`s building commissioning and starts the sales for the project`s second phase in September 2020.
”The construction works on the project`s first phase are almost completed, as scheduled and without delays, and we are preparing for the building commissioning”, says Mauricio Mesa Gomez, country manager Cordia Romania and Spain and member of Cordia`s Board of Directors. ”The first phase is currently more than 70% sold and we start the sales for Parcului20`s second phase, comprised of 220 apartments destined to the medium-high segment of the residential market. We consider this to be a great achievement given the context created by the COVID-19 pandemic. We`ve noticed, since the lockdown ended in May 2020, that the buyers` interest for this segment is high, and that they are able to obtain the necessary financing.”
Parcului20 is among the first smart residential projects in Romania, all its apartments being equipped with integrated state-of-the-art smart home systems. Over 3,000 square meters of private garden, charging stations for electric vehicles, bicycle parking spaces, yoga garden and outdoor equipment for calisthenics are amongst the main differentiators, as the project is designed for livability and energy efficiency.
In addition to the EUR 40 million investment in Parcului20 and to the EUR 120 mil. investment plan for developing residential projects on five already acquired land-plots in Central-North Bucharest, generating a 2,000 apartments pipeline on medium term, Cordia Romania has an investment budget worth EUR 40 million for acquiring land-plots in Bucharest. Thus, Cordia Romania`s total allocated investment budget on medium-term reaches a total of EUR 200 million.
The investments for further expanding on the Romanian real estate market will be partly financed using funds collected from the bond issuance under the National Bank of Hungary’s Bond Funding for Growth Scheme. Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion.
Part of Futureal Group`s strategy of increasing its investments throughout Europe, Cordia acquired, nearly 93% of stocks of Polnord residential development company listed on the Warsaw Stock Exchange, a 20% stake in Argo Properties NV, a Dutch company active in the residential rental and large-scale urban renewal business in Germany, and Blackswan Property, a Birmingham-based PRS- (Private Rental Sector) specialist developer. The latest acquisitions increased Cordia’s development land bank to over 14,000 apartments.
Cordia is one of the largest residential real estate development and investment corporate group in the Central and Eastern European region with a strong and well-known brand and presence in the mid and mid-to-high segments of the for-sale market in Hungary, in Poland, Romania, while also undertaking a pilot project in Spain.