November 7 (SeeNews) - Romanian canned food producer Scandia Food said on Thursday it is entering the local real estate market by investing 30 million euro ($33.26 million) in a residential project in the central city of Sibiu.
Located on the logistics platform of the old Scandia factory, the residential project will feature seven buildings with a total of 600 apartments, Scandia Food said in a press release.
"The development of a large residential product in Sibiu, our hometown, came against the background of the development of the real estate market as well as out of a desire to meet the expectations of the new generation of active young people," Scandia Food general manager Andrei Ursulescu said.
Sibiu is one of the main residential markets in Romania, according to real estate consulting company SVN Romania, which is also the consultant and agent for the Scandia project. Over 2,000 apartments and houses are delivered every year in Sibiu.
"The project is in the development phase and we have obtained the zonal urban permit this year. Also, we are open to any opportunities of association or sale to potential specialized partners for this top project," Scandia Foods responsible for real estate developments Ioan Damban said.
Created in 1922 as 'The Theil cold cuts and canning factory' in Sibiu, Scandia Foods became a company with 100% private ownership in 2001, following a public auction.
Scandia has two factories, in Sibiu and Hunedoara, and operates three restaurants in Bucharest.
In 2018, Scandia Food expanded in Spain through the acquisition of a fish canning factory for 2.8 million euro ($3.1 million).
($=0.9018 euro)