Sale of Textila complex could create 7 new millionaires

The trend to relocate industrial facilities outside cities has now reached Iasi, where clothing manufacturer Textila intends to sell its city centre facility, and relocate to an industrial area.
“We have bought a plot in the industrial area, and intend to sell the 27,500 square-metre land we own, and the buildings (covering 8,700 square metres), which are located in the Copou area, close to the city’s stadium. As far as I know, there were plots sold for as much as over 1,000 euros/square metre in this area,” said Petru Popescu, commercial director and one of the company’s managers.
According to representatives of Iasi-based real estate agency Vektor Real Estate, plots in the area sell at an average price of 700-800 euros/square metre, so the value of the land could ultimately range between 19 and 22 million euros.
In addition, Textila representatives do not rule out a prospective partnership to develop a residential project, considering that the area where the plot is located covers almost three hectares.
The sale could create new real estate millionaires, as seven individuals control the company with stakes that range from 4% to 23%. They stand to collect between 1 and 5 million euros if a transaction is concluded.
At present, the real estate market in Iasi is witnessing significant growth, particularly on the retail and residential segments, where a series of companies have already finished major projects.
Developers that have projects in Iasi include British investment fund Equest (the owner of the Moldova Mall), the real estate division of the ING group (owner of the shopping gallery in the Felicia Shopping Center), Iulius Group (the operator of Iulius Mall shopping centres), Adama (developer of the Copou Bellevue residential complex) and Omilos (developer of the Era Shopping Park).