The technology that will be used by real estate developer Forty Management, controlled by the Azoiței family, at the Central District Crystal Lagoon project will amortize in 50 years in the absence of European funds.
“As someone who comes with his own money in such projects, I can tell you that the technologies cannot be amortized, but in the long term, taking into account the marketing advantage and the access to European funds that can reduce costs, we can get somewhere near zero”, said Lucian Azoiței, CEO of Forty Management, at the “Smart Cities” conference, organized by Energynomics.
The project carried out by Forty Management in the northern area of the Capital will be built around a lagoon with an area of over 10,000 square meters. According to Azoiței, this will be the first real estate project where tenants “will not pay for utilities”.
The project will start in March in sector 1 and involves an investment of over 100 million euros. The project could also be replicated in Hungary, the Czech Republic and Poland. “The financing is now entirely private, and the amortization takes about 50 years. It would be good if we could access grant funds to be able to lower the costs. If we had access to that money, we would become a utility provider, which is an extraordinarily good business that will sell very easily,” Azoiței said.
Forty Management has in its portfolio land with a total area of 43,000 square meters, on which it wants to develop mixed projects with an area of more than 138,000 square meters and a market value of more than 430 million euros.
The “Smart Cities” conference was organized by Energynomics, with the support of our partners, among them ABB, ENGIE Romania, Finder, Flash Lighting Services, Photomate, REI Group, SIXT.