IKEA converts Timpuri Noi into apartments, offices and retail space

Timpuri Noi industrial site, which covers 51,000 square metres, located one metro station away from Bucharest’s city centre, has been bought by the real estate division of Swedish group IKEA, which will build apartments, offices, and retail spaces on the plot, but no IKEA-branded furniture store.
At a time when investors are still keeping away from the real estate sector, the company of Swedish billionaire Ingvar Kampard has committed to pay almost 35 million euros for a plot in Bucharest, with this being the biggest transaction involving land in two years.
“This is a long-term investment, aimed at developing mixed spaces: residential, office, and retail,” announced representatives of Inter IKEA Group, who say the land would not be used to build an IKEA store.
The price paid, 678 euros/square metre, is almost three times lower than the figures thrown around the market two or three years ago.