Mayor Videanu has some 100m euros in land in Bucharest

The surge in the land prices in Bucharest over the last couple of years as a result of demand for space to develop real estate projects has brought to the fore the land of the former factories in the capital city. The Videanus, the main shareholders of Titan Mar in Bucharest found themselves richer by at least 60 million euros virtually overnight, considering the company owns six hectares of land between the Marriott Hotel and the Cotroceni Palace.
Adriean Videanu, who is also the Bucharest city mayor and his wife Miorita Videanu, own more than 98% in Titan Mar SA.
According to real estate consultants, the land Titan Mar owns is worth at least 60 million euros, and may be worth as much as much as 100 million euros in case of a deal.
The Bucharest city mayor and his wife could not be reached by the time the story was ready for print, to provide further details on the status of the land. Titan Mar management is considering relocation of operations outside Bucharest, according to company sources, who would not reveal any more on this topic.
The large plots of land are becoming scarce in the central and semi-central areas of Bucharest, which is another factor that may contribute to the increase in the value of this particular plot of land.
The land is located between the Marriott Hotel and the Cotroceni district, but also close to one of the busiest intersections in Bucharest, Razoare.
Architects say that an important factor for the evaluation of this piece of land is the number of storeys that will be approved through construction permits, considering the ratio between the surface area of the land and the total area that can be built.
The City Hall has repeatedly voiced its intent to relocate the factories in the central and semi-central areas of Bucharest, with many of the city’s major projects started on the sites of former plants.
One of the biggest real estate projects in Bucharest, Sema Parc, is being developed by River Invest on the land of the former Semanatoarea factory, located on the Dambovita bank, and held by businessman Ion Radulea. Another large real estate project in the centre of Bucharest is Cotroceni Park, developed by investment fund Broadhurst and Africa Israel Europe, on part of the land of the UMEB factory.
The local real estate market has been witnessing an extraordinary development over the last few years, with investment yields, higher than those obtained on the Central and Western European markets, attracting a significant number of investors and developers, either Austrian, British or Israeli that started projects worth billions of euros.
The land beneath the Spicul bread factory in the Grozavesti area will change its destination after the Spanish Hercesa announced it took over the company and planned to begin a residential project to comprise approximately 800 flats.
Spanish Gea 21 and Grupo Pasa bought 58,000 square metres of land from US Bunge group, the leader of the vegetable oil market. The land is located in the 5th sector of the capital, where the former Muntenia edible oil factory used to be that Bunge closed.