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Property investment company Dawnay Day Carpathian PLC has acquired a multi-purpose development site in Cluj-Napoca for 14.3 million EUR, according to a company announcement quoted by NewsIn.
The planned development of over 40,000 square metres will comprise a retail and entertainment complex, along with an office element of over 8,000 square metres and the potential to incorporate a hotel.
The estimated construction cost for the project is 60 million EUR, according to company representattives. The project is expected to be completed within 18 months. Based on an income yield of 7%, the estimated project value upon completion comes to 111 million EUR.
The acquisition represents the company"s second investment in Romania, and is a share purchase transaction from a Dutch holding company in which members of the Dawnay Day Group have a controlling interest. Dawnay Day plans to invest another 900 million EUR in the Romanian real estate market in the following years.
Dawnay Day specializes in three main activities: property investment and fund management, financial services and principal investments. The company is headquartered in London and operates in the UK, Europe, India, the United States, the Middle East and Australia.
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