Romania’s Forty Management has acquired a 12-hectare site in Bormujos, a suburb of Seville, and begun the development of Lagoon City Sevilla. Although specific financial details were not disclosed, Forty Management reports that the sale price was “more than EUR 100 million.”
According to Forty Management, the development of the Lagoon City project has been accepted by the Bormujos City Council, “which will support this significant investment by smoothly approving the urban planning documentation, providing access infrastructure, a dedicated public transport line, and medium-term rental of apartments to be offered to teachers and doctors working at the university and regional hospital in the area.” The project is expected to generate over 600 jobs.
Forty Management reports that the transaction remains conditional on the seller obtaining the building authorization within a maximum of 18 months. The transfer of ownership was made to the group’s Swiss division, Forty Management AG, and will subsequently be transferred to the local SPV, which will develop Lagoon City Sevilla.
This investment joins other Lagoon City mixed urban reconversion projects initiated by Forty Management, including Lagoon City Bucharest and Budapest. Forty Management’s portfolio currently includes eight mixed-use Lagoon City projects and 11 Public Access Lagoon projects soon to be developed in Spain, Hungary, Czech the Republic, Poland, Italy, France, Hungary, Poland, and the Czech Republic, as well as three luxury hotels with a total of 702 rooms: the Radisson Lagoon and Central District Hotel – Crest Collection in Bucharest, and the Swisshotel Hotel that is part of Lagoon City Budapest.
“This major green urban reconversion project means a long-term partnership with the local authorities of Seville, to whom we are grateful for their openness and tremendous support,” said Forty Management CEO Lucian Azoitei. “The entire local team involved has a clear understanding of the obvious impact and benefits of such a major investment, which include boosting tourism in the region, generating hundreds of jobs and creating a vibrant community, as well as creating memorable holiday experiences — all of which will support the local economy and contribute to the long-term prosperity of the entire area.”
