The buyer of the land is Kesz Group, one of the leaders in the construction industry in Hungary and Central and Eastern Europe. The company plans to invest 50 million euros in the development of its first residential complex in Bucharest
Kesz Group has bought a plot of land of approximately 16,000 sqm in the Petrom City area, near the Free Press House, from Cornel Roșu, the founder of Radox, a manufacturer of thermal and air conditioning equipment, with a turnover of approximately 75 million lei. The Petrom City-Străulești area is shaping up as a new residential pole, with several ensembles announced for development in the period 2022-2024. The transaction was brokered by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
“Kesz Group is a strategic partner for us. Our collaboration began with the management and lease of the entire 21,000 sqm Hexagon Office Building in Cluj-Napoca, and now we partner again for new investment and development opportunities. The Petrom City – Străulești area is undergoing a major transformation, and the land acquired by Kesz is one of the best positioned, offering an opening of approximately 60 sqm to Grivița Lake”, says Bogdan Cange (photo L), Managing Business Development Partner of Fortim Trusted Advisors, who facilitated the transaction.
The development of the Petrom City – Coralilor area, near Grivița Lake, started with small residential projects, villas, and continued with larger residential apartment complexes. Among these are Riviera Complex, Sunset Lake Home, Ela Băneasa. There are two major schools in the area, the German School and Genesis College. The offices of the Expoziţiei – Casa Presei Libere business center are a 10-minute walk away.
“After 20 years of Kesz Construcții presence in Romania and five years after the first Hexagon Office Building real estate investment in Cluj, through this step we are consolidating the Kesz Group’s presence in Romania. We estimate that we will invest over 50 million euros in the future residential complex and we will create an emblematic project for this segment, which has seen a significant increase, especially in the last year. We thank the partners who assisted us in the transaction: Fortim together with Sirbu & Vornicu SCA and Nagy & Associates Law Office in Cluj-Napoca”, says Lajos Dioszegi, Director of Investments at Kesz International Romania.
Kesz Group is a major player in Central and Eastern Europe, with an estimated turnover of 220 million lei this year. The construction company also owns the Hexagon Office Cluj office building.
Kesz’s residential project portfolio in Romania includes One Herastrau Park, One Charles de Gaulle, One Mircea Eliade, Riviera Luxury Residence Cluj, Prima Residence Oradea.
Sirbu & Vornicu and Nagy Associates has provided legal assistance for Kesz Group:
“It has been one of the fastest real estate transactions, the parties were determined, we communicated very well and we managed to complete the checks and formalities in a record time. Negotiations began in September and ended in December”, said Zsuzsa Nagy, Nagy & Associates Law Office partner.
“We are proud to have had the opportunity to assist Kesz in the entire due diligence and purchase process in this important transaction on the Romanian market. At the same time, we are happy to end this year with another successful real estate project“, says Georgiana Sîrbu, Managing Partner Sirbu & Vornicu Law
About Fortim Trusted Advisors
Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance in Romania, is a real estate consulting company founded in 2002 and, since December last year, it has been controlled by Costin Nistor, Bogdan Cange, and Nicolae Ciobanu. The company offers real estate consulting services in the segment of offices, retail, industrial & logistics, appraisals, capital markets, research, as well as Property Management and Project Management services. Among Fortim Trusted Advisors’ top recurring clients are Morgan Stanley, Add Value Management, Indotek, Kesz. Also, in the office segment, the company has traded spaces for Reckit Benkiser, Renault, Fortech, Grohe, Credius, OLX Group, Multinode Network, AHI Carrier, AVL, UMT Software, Future Electronics, The Home, or Bioderma.
About Kesz Group
Kesz Group is one of the largest construction groups in Hungary and the Central and Eastern European region, with operations in seven countries. The group is formed of 20 companies that have about 2000 employees among them. Kesz had a turnover of about 350 million euros last year. The group has been present in Romania since 2001 through Kesz Constructii Romania, a company that has been involved in over 50 projects over the years. Last year it had a turnover of about 40 million euros.
Sirbu & Vornicu Law is a business law firm that has coordinated over 100 legal aid projects specializing in construction, public procurement, real estate, urban planning & licensing and litigation, and has served international clients in over 30 countries.