Prime Capital, a real estate developer set up in Bucharest by Martin Slabbert and Victor Semionov, founders and former managers of the South African investment fund NEPI Rockcastle, the largest mall-owner in Romania, bought through a company set up an year ago Teba Industry’s ten-year land and halls in Iaşi (ten years ago among the biggest players in the textile industry).
The land is in the area of almost 10 hectares. The local press indicates, based on the plan submitted to the city hall, that an office and dwelling complex will be constructed on this site, an investment of 40 million euros.
In Iasi, Prime Kapital took over Era Shopping Park, along with MAS Real Estate, a South African investment fund and the new owner of Militari Shopping Center, a commercial center of West Bucharest. Prime Capital recently launched its first residential project in Romania, Avalon Estate, with approximately 800 apartments and villas.
Teba Industries, controlled by a company registered in Poland, was one of the biggest players in the textile industry 10 years ago, with business worth over 138 million lei and profit of 17.9 million lei. The financial crisis has also generated the decline of the plant, which is no longer functioning at this time.