On February 15, 2022, CEE Legal Matters reported that Popovici Nitu Stoica & Asociatii had advised Redport Capital and Mobexpert on the acquisition of a 44,000 square-meter land plot near Petrom City in Bucharest from OMV Petrom. CEE In-House Matters spoke with Cosmin Savu Cristescu, Managing Director at Redport, to learn more about the acquisition.
CEEIHM: To begin with, tell us a few words about Redport Capital.
Cristescu: Redport is a private group of companies in charge of business creation and project development. Our objective is to identify potential investments, secure procurement of contracts, and deliver high returns for our investors.
Our history of five years and the union of our diverse companies from different fields has resulted in a consolidated team with great experience, knowledge, and enthusiasm. All this consolidates us within the current market as a large company at the national level.
Redport Properties is part of this group with continuous operations since 2014. In 2018, in the Straulesti area (Intrarea Straulesti, a few minutes from the Petrom City location), we started a residential development of up to 350 premium units under the "The Level" brand. We successfully finished Phase 1 of the project (P+5, 45 apartments) and have launched Phase 2 (S+P+6/7, 135 apartments plus retail) while Phase 3 (S+P+6/7, 160+ apartments plus retail/services) shall be launched in late 2022.
CEEIHM: As CEELM reported, you were advised on the acquisition of a 44,000 square-meter land plot near Petrom City in Bucharest from OMV Petrom. What is the acquisition intended for?
Cristescu: Indeed, the transaction involves the acquisition of three plots of land, totaling approximately 44,000 square meters of land. Our intention in the next 7-8 years is to develop the entire property into a modern mixed-use project of large-scale urban renovation that will transform the area into the "NoulBucuresti” landmark before the year 2030. The project includes more than 2,000 residential units to sell or rent, a retail scheme of approximately 20,000 square meters that will become the focal point of the whole neighborhood as well as medical facilities.
CEEIHM: Why was this acquisition carried out with Mobexpert?
Cristescu: Our Company, Redport Capital, participated in this acquisition procedure in partnership with private individual Dan Sucu and Mobexpert's real estate arm – Domus Mex S.R.L.
Our partners Dan Sucu and Mobexpert need no introduction. For more than 20 years Sucu has been one of, if not the most recognizable Romanian business figures and Mobexpert is an undisputed market leader while remaining an innovative company. Their real estate arm – Domus Mex is a well-established developer with recent projects such as Arcadia Apartments Domenii, a residential condominium of 800+ apartments.
CEEIHM: How was the legal work split between your in-house team and PNSA?
Cristescu: The legal work was carried out primarily by PNSA with only business input from the Redport team.
CEEIHM: Last but not least, why did you choose PNSA to advise you on this matter?
Cristescu: PNSA is one of the most reputable law firms on the market, with a renowned team of professionals and an impressive track record. We relied on their experience to navigate this complex deal and we were very satisfied with the result.
Valentin Creata is an amazing legal professional with a deep understanding of deal structures in real estate and the utmost commitment to the client’s needs.
The deal-making approach was appreciated not only by us but also by our partner in this transaction, OMV Petrom, as all challenges met during the process were addressed in a very professional and constructive way.
PNSA is our long-term partner and we count on their support in similar ongoing transactions or in other complex legal matters that we face during our day-to-day business.