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December 7, 2022
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SkyLight Residence wins final definitive court case against AAAS in the Aversa privatization tender

The EUR +500-million sustainable project is scheduled for launch in 2023

 Skylight Residence SRL, owned by the Topolinski investors family, won the definitive appeal against the Romanian Authority for Managing State Assets (AAAS) in relation to the Aversa privatization case, after the Bucharest Appeal Court ruled that the developer met all Obligations from auction held in September 2013.

“This is a monumental decision for us, at the end of a 9-year long battle during which we have defeated AAAS 21 times in court,” says Michael Topolinski (photo). “Not many foreign investors would have probably shown such determination, fortitude and strength to prove their case but our family remains committed to doing ethical business and fighting systemic corruption. We are happy that Romanian courts have done us justice, as over the years we have been a constant target of fake, unfounded accusations, biased journalism and public opinion manipulation by the corrupt system.”

The real estate developer will now take ownership of the 97,000 sqm land plot, planning to kick off construction works of the mixed-use Skylight Residence project in 2023.

Tyler Topolinski adds: “SkyLight Residence is a sustainable EUR +500 million project that will forever transform the Obor area and the lives of its residents. For too many years this neighborhood has been forced to live next to decaying, dilapidated factory buildings that endangered people’s safety and health. Once we got the demolition permit, we had to move fast, as two separate expert engineer reports concluded that these dilapidated buildings could imminently collapse onto Ziduri Mosi, so they had to be urgently demolished. So far, we have invested around EUR 500,000 in demolition works and cleaning up the area to be ready for the start of construction works.”

Developed for the medium and premium market, SkyLight Residence is a sustainable project designed to comply with the BREEAM standard of excellence certifying green projects. The mixed-

use development will include more than 35% green areas (compared to the mandatory 30%), over 2,200 apartments, 89,000 sqm offices as an IT campus and 8,540 sqm of commercial area.

The green areas will include 5 private parks with swimming pools, running tracks, reading areas, dog

parks and meeting spaces.

Answering the District 2 City Hall and residents’ needs, InteRo will also add a primary school with a capacity of 250 children, three kindergartens (with a total of 150 capacity) and three nurseries (also 150 spots).

The Topolinski family also agreed to donate the local administration EUR 12-million worth of roads they will build as part of the SkyLight development. The City Hall budget will also benefit from RON 15 million-worth in annual taxes resulting from the project, which will provide important financial support for new District 2 investments.

An additional benefit for the local community will be the development of the 8,000 sqm central park allowing for connection between the Bucur Obor Park and a new 3-hectare park planned when CFR land is revitalized. InteRo has also committed to plant 1,000 large trees in the area.

 

About InteRo Property Development

 

Established by the Topolinski investor family (father Michael and his three children – Michael, Tyler and Ashton), InteRo Property Development has been present in Romania for more than 15 years, helping to drive the overall growth of the local Real Estate market in terms of standards and civic responsibility.

The developer’s list of partners includes the Romanian proptech startup Bright Spaces, the international property management company LGM Group, as well as premium brands like Skanska, Lidl, Balbec, Libra Bank, and private investors and global investment funds from North America, Asia and the nearby countries.

Landmark deals include the 2012 purchase of 78,000 sqm on Progresului for EUR 21 million, where Vulcan Value Center stands today, and the largest transaction of 2019, when they sold half of former Textila Dacia platform to Skanska Property Romania for EUR 23 million to build an office project.

InteRo recently became the first real estate developer in Romania to implement the Bright Spaces digital solution for its entire residential portfolio, currently at 480,000 sqm of total built area (204,000 sqm of office space and 2,788 apartments). As InteRo’s portfolio grows, InteRoVerse will integrate all its projects in the virtual residential world.

The InteRo Property Development portfolio includes innovative and efficiently designed projects aimed at creating high-quality living and working spaces:

 

  • NorthLight Residence. Located in the middle of nature in North-East Bucharest, the project spans 13,000 sqm and includes a total of 110 premium apartments with an exceptional view of the lake, 4,000-sqm of green spaces, playgrounds and a 320-sqm pool.
  • New Confort City. Located in the Southeast of Bucharest, the 280-apartment project will also benefit from a unique, much-needed green area for the community.
  • SkyLight Residence. Situated in the central part of the City (Obor area), the 10-hectares mixed-use project will provide upon its completion a total of 89,000 sqm of office space and 270,000 sqm of residential.
  • Bucurestii Noi project has been designed as an environmentally-friendly, state-of-the-art technology IT campus that will be developed on a 5.2-hectare plot connected to the Jiului Metro station. As an integrated project, it will consist of 7 office buildings totaling 197,000 sqm (93,000 sqm to be developed by Skanska Property Romania, and the rest by InteRo Property Development).
  • Pajurei 3 Residence is the developer’s first luxury project, approximately 160 luxury apartments, which will be located in an exclusive area in Pajura, Northern Bucharest. InteRo has a PUZ, has chosen an Architect and revised the Project, with construction scheduled to start in Q1 2023.
  • SunLight Residence is located in Tunari and will include 270 3-room and 2-room apartments. Residents are offered an affordable and beautiful escape from the city and commercial space bringing convenience and ease to everyday life.

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