M Core buys 10 hectares of land in Galati from Speedwell

Real estate group M Core, whose main shareholder is British real estate magnate Caspar MacDonald-Hall, has bought from real estate developer Speedwell a plot of land of approximately 10 hectares in Galati on which it will build a retail park.

The British group has an approved Zonal Urbanistic Plan to create a retail park with a leasable area of approximately 30,000 square meters and has already signed agreements with Lidl and Leory Merlin.

M Core's plan is to start construction works in the spring of next year, with the development cost of the project estimated at over EUR 34 million. With this project, M Core also adds Galati to the list of 35 cities in Romania where it is already present with retail projects.

Speedwell announced in 2019 that it wants to sell the land in Galati, on which it had planned to develop the Pelican Park retail project.

Source: Profit.ro