Romania, OMV Petrom sells land in northern Bucharest

The largest Romanian oil and gas company OMV Petrom sold two plots of land in the northern part of Bucharest, in the so-called Petrom City, to companies controlled by local entrepreneurs Dan Sucu and Raul Doicescu. The deals are estimated at a combined value of over 20 million euros.

Doicescu’s Bog’Art group, through development company Art Property, and Sucu’s Mobexpert furniture producer and retailer, plan a mixed project to be built on the two lots, including 1,500 homes, a hotel and a hospital. Bog’Art bought a lot of 26,000 square meters, and Mobexpert a lot of 43,000 square meters, and the average price was 290 euros/square meter.

This would be the second association between Mobexpert and a construction company after Dan Sucu developed the Arcadia project in the Domenii area of Bucharest together with Valentin Visoiu, the owner of the construction company Conarg.

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