Alin Niculae, a prominent businessman in Romania, has made headlines with his recent acquisition of the Iride Business Park complex in northern Bucharest from Immofinanz, a company under the control of the Czech group CPI. Niculae, who controls the largest Romanian-owned petroleum products distribution company, Oscar Downstream, with a turnover of 1.4 billion euros, is expanding his real estate portfolio with this strategic purchase.
In the real estate market, Alin Niculae is known for his ownership of Akcent Development and his involvement as a shareholder in Exigent Development. Currently, he is developing the Akcent City project in Bucureștii Noi and has recently started construction on the second phase of the Cloud 9 project on Şoseaua Pipera.
The transaction for the purchase of the Iride Business Park complex was approved for a price of 44.7 million euros, as reported in the Official Gazette. The property includes the IRIDE land and office buildings, collectively comprising seventeen constructions. The project was acquired through a new company, Iride Development, with ownership based in Cyprus.
Iride Business Park is a prestigious office complex with over 83,000 square meters of leasable space in various configurations. Tenants of the complex include Provita medical services provider, Rohde Schwarz Topex – a German company producing communication systems for flight control centers and airport control towers, and the media group Antena Group.
Situated at the end of metro line 2, the area around the Pipera metro station has become a hotspot for developers in recent years. Several office projects have been developed in the vicinity, including Hermes Business Campus, Iride Business Park, and Novo Park.
Immofinanz, under the control of CPI Property Group, one of the largest real estate owners in Europe with a local portfolio of 1.5 billion euros, was acquired by billionaire Radovan Vitek’s CPI Property Group in 2022. This acquisition marks another significant move in the Romanian real estate market.
The Iride Business Park project will now be under the ownership of the Niculae family, who also own Oscar Downstream, a local company primarily engaged in gasoline and diesel trading. With a turnover exceeding 1.4 billion euros, Oscar Downstream is a key player in the energy sector in Romania. Alin Niculae, along with his family and especially his uncle Petre Niculae, has built a substantial portfolio of residential properties in Bucharest, consolidating their real estate and energy businesses under the Alfa Group label.
The development of real estate projects was initially spearheaded by Pedro Company Constructexim, also known as Pedro Construct, a construction company fully owned by Petre Niculae. Founded in 1993, Pedro Construct has left its mark on several thousand apartments in Sector 6 of the capital. Petre Niculae is also listed as a former shareholder of Oscar Downstream in the Commercial Register. The projects under the „Pedro Company“ brand are easily recognizable by their similar design, colors, and names.
Pedro Construct boasts over 30 completed real estate projects on its website, with five more currently in progress. The residential portfolio, along with office and commercial spaces, totals over one million square meters. Exigent Development is currently developing around 1,300 residential units in phases 4 and 5 of the Plaza Residence project in the Militari neighborhood, between Plaza România and Cora Lujerului.
The Niculae family, together with Florin Ababe, a businessman with interests in construction, financial markets, telecommunications, and precious metal trading, recently launched ARQA Jolie Village, a premium residential complex in the Iancu Nicolae area of northern Bucharest. The investment in the project is estimated at 21 million euros, with 12 million euros secured through financing from Libra Bank. The completion of the entire residential complex is expected by the end of 2023.
In conclusion, Alin Niculae’s acquisition of the Iride Business Park complex adds another prestigious property to his real estate portfolio, further solidifying his presence in the Romanian business landscape. With a focus on strategic investments and development projects, Niculae continues to make significant contributions to the country’s economy and real estate sector.