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Bucharest
August 18, 2022
BUSINESSCOMPANIESECONOMYReal Estate

The real estate developer Forty Management estimates 397 million lei worth incomes, following sales on the residential segment in 2022

  • 397 million lei turnover and 188 million lei net profit, financial estimations for 2022
  • 6 million lei estimated incomes following sales on the residential segment and 2.4 million lei estimated incomes generated by rents
  • 155 million lei investments in the development of Central District Lagoon City project
  • 4 million lei consolidated turnover for the first nine months of 2021, representing a 76.3% increase, as compared to the similar period of 2020, and 36 million lei net profit, a 56 % increase compared to the same period last year

 

Forty Management SA, real-estate mixed-use developer in Bucharest, estimates for 2022 a turnover worth 397 million and a net profit in value of 188 million lei, according to the budget approved by the company’s management last week.

The revenues generated by sales on the residential segment are estimated at 394,6 million lei, while those related to rents, at 2.4 million lei. The company is also considering investments amounting 155 million lei.

“In 2022 Forty will step into its 3rd stage of development and we anticipate a fast, sustainable growth and diversification. This year we will finalize and deliver Central District Viitorului 134 and start the construction works for Central District Lagoon City, our scalable urban regeneration mixed-use project. Therefore, we expect a significant increase in revenues generated by sales and rents related to these projects. We forecast investments worth 155 million lei, destinated solely to the development of Central District Lagoon City”, states Ana Hogea, Executive Director of Forty Management.

Revenues related to rents are estimated to reach 2,4 million lei in 2022, as a results of full lease of the commercial components still available in Central District Cuza99, Central District 4 Elements and Central District Viitorului 134.

The company evaluated last year at 497 million lei (EUR 100.2 million), intends to extend to other countries in the region, by acquiring the licence for Crystal Lagoons in Warsaw, Prague, and Budapest.

Forty Management reported a consolidated turnover worth 109.4 million lei, for the first nine months of 2021, a 76.3% increase compared to the similar period of 2020 and a net profit in value of 36 million lei, a 56% increase compared to the same period of the previous year.

The company’s portfolio includes Central District Cuza 99, Central District 4 Elements, Central District Viitorului 134, Central District Lagoon City and Central District Royal Suites, finalized or in different development stages.

The company is founded and managed by Lucian Azoiței, who currently holds 88.5% of the company’s shares.

 

 

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