Belgium's Baltisse, Straco acquire Romania's Speedwell

"This strategic move solidifies Baltisse and Straco's commitment to expanding their presence in Eastern Europe,", the companies said in a joint statement.

The acquisition is part of Baltisse and Straco's broader commitment of expanding their presence in Eastern Europe, the real estate developers said in a joint press release.

Following this transaction, Speedwell co-founders Jan Demeyere and Didier Balcaen will continue to lead the company together with the two new stakeholders. The two Belgian companies will assist Speedwell in expanding its Romanian business as well as entering the Polish market.

"This partnership marks an exciting new chapter for Speedwell. Straco Real Estate and Baltisse bring invaluable resources and strategic insight that will accelerate our growth trajectory while maintaining our unwavering commitment to excellence," Demeyere said.

The size of the stake in Speedwell acquired by Baltisse and Straco in Speedwell and the value of the deal were not disclosed.

Speedwell currently employs over 50 people and its development portfolio in Romania comprises more than 150,000 sq m of offices, 23,000 sq m industrial and over 6,000 residential units as well as additional services within mixed-use development projects.

Baltisse is active in the private equity, asset management and real estate sectors. Its development portfolio includes residential, commercial, and mixed-use properties.

Straco Real Estate is a real estate development and investment firm specializing in commercial, residential, and mixed-use properties across Europe.