On November 1, 2021, Crosspoint Real Estate announced it acted as the sole advisor in a transaction where Novum Business Invest acquired a 15,100 square meter land near Carol Park in Bucharest.
According to Crosspoint, Novum Business Invest will develop in the plot a new residential project in Bucharest with over 500 units. Planned to be developed in 2 phases, the project will consist of 5 residential buildings, a kindergarten, and commercial spaces, with a total value of the new project estimated to be around EUR 65 million.
“It took us a record time of only 3 weeks to close this transaction, but more than 3 years to get to know the needs and business models of both our partners, Novum and Amcorp, whom we brought together to make this happen,” commented Crosspoint Real Estate Associate Director, Land Development Ionut Stan. “The area of the project has great potential being in a semicentral location, with a metro station and Carol Park at only a short walking distance. Taking into consideration also the good timing (high demand for residential and the project, plus a building permit already in place), and the vast experience of the developer who already developed more than 2,300 units, we are sure that this part of the city will become a desirable address.”
Recently, Crosspoint announced it will be Novum 56’s Sales Partner (as reported by CEE Real Estate Matters on October 11, 2021).
