Romanian developer Forty Management has sold commercial spaces covering 1,200 sqm in three Bucharest-based projects for €3.3 million, excluding VAT.
Profi retail store occupies the commercial space located in the Central District 4 Elemente complex, while Somproductfurniture store is the tenant of the commercial space located in Central District Cuza 99. The commercial space situated in Central District Viitorul 134 is under construction and the leasing process is ongoing.
“We sold these retail spaces to secure a strong cash flow before future major developments, and to be on the safe side considering the market conditions,” said Lucian Azoiței, CEO & Founder of Forty Management.
Forty Management has a land portfolio of 43,000 sqm, which it plans to use for the development of new mixed real estate projects, with a surface area of 138,000 sqm and a market value exceeding €430 million.