The port operator Oil Terminal and a company from the Iulius group, owned by businessman Iulian Dascălu, are getting closer to officially signing the partnership for a new real estate development in Constanța. The intentions of the two companies to form a partnership for the development of a new real estate project were announced already last year. The investment of EUR 815 million would be the largest in the city of Constanța.
For the 38 hectares of land on which Iulius will build a real estate project, the developer will pay a fee of two million euros/year, at the terms negotiated by the parties. The duration of the contract is 99 years with the possibility of extension in accordance with the applicable legal provisions.
The partnership sees Iulius to develop retail, office, residential, entertainment, park, botanical garden, plaza and related parking components.
Source: Economica.net
