Ion Radulea spends 20m euros for new industrial park

Ion Radulea, the owner of Semanatoarea company, says he will invest approximately 20 million euros in an industrial park located in the Eastern side of Bucharest. The investment will be made through the River Invest Company, which is the developer of the Sema Parc project, one of the biggest real estate developments in Bucharest. A considerable part of the funds necessary to launch this industrial site will be derived from the sale of the first two office buildings erected in the Sema Parc project (photo), in Grozavesti area. The two office buildings were bought by the Austrian investment fund Europolis for 90 million euros at the end of last year. “We are currently in the middle of a due-diligence process through which we intend to purchase a plot of land of approximately 25-30 hectares in the Eastern area of Bucharest, where we will launch an industrial project. The industrial plant, where we will manufacture tractors and combine harvesters, will take up approximately 2.5 hectares of this area,” Ion Radulea, chairman of the MYO-O group, which controls River Invest told ZF. The MYO-O group announced that it would invest some 4 million euros in tractor production together with the Belarus-based group MTZ, the worldes second biggest tractor manufacturer. Some of the current tenants at the Semanatoarea site will be relocated to the new industrial park.