Evergent Investments, an investment company also active in real estate, has postponed its €100 million real estate project in Iași. However, the company is preparing four residential projects in Bucharest and Snagov
Delay of the Iași Project
Evergent Investments (BVB) has decided to delay the start of its real estate project in Iași, which had an Urbanistic Zoning Plan (PUZ) approved in February 2022. According to the company’s latest financial report, “The construction start has been postponed to allow for more careful planning and efficient management of geopolitical and macroeconomic risks, ensuring the project’s long-term stability and success.”
The Iași project is a mixed-use development featuring offices, apartments, and commercial spaces, involving the urban redevelopment of a former industrial zone on a 15,500 square meter site.
Evergent’s Real Estate Plans
- Snagov Project: Through its subsidiary A3 Snagov, Evergent plans to develop an integrated residential project in Snagov. The company has already submitted documentation for obtaining the urbanism certificate needed for the issuance of the Urbanistic Zoning Plan (PUZ). The site for the future project spans five hectares.
- Bucharest Projects:
- Intrarea Străulești: The company owns a 16,000 square meter plot on Intrarea Străulești nr. 37, currently in the process of preparing urbanism documentation for a mixed-use residential project.
- Drumul Piscul Moșului: Another project is planned on a 19,000 square meter site on Drumul Piscul Moșului, directly across from the Vastint project, which shares ownership with IKEA. “Efforts will continue following the clarification of the applicable PUZ status,” the company’s report notes.
- Spătarul Preda: Evergent also holds a plot of 11,480 square meters on Spătarul Preda Street, with good prospects for residential development, pending the clarification of urbanism documentation.
Financial Results and Outlook
For the first half of 2024, Evergent reported a net result of 250 million lei and reached a historic high of total assets under management amounting to 3.57 billion lei, marking a significant 42.2% increase compared to the same period last year. This surpassed the 700 million euro threshold. Investment levels in this semester exceeded 213 million lei, reflecting the company’s ability to dynamically manage capital and return value to investors.
Claudiu Doroș, Chairman and CEO of Evergent Investments, stated: “The results achieved in the first half of 2024 are proof of the success of our investment strategy and our ability to identify opportunities beyond challenges. We are on a growth trend and continue to strengthen the company’s financial position, despite market turbulence. We have a set of opportunities that we are exploring and are analyzing investment projects, considering the impact of potentially adverse factors such as inflation, interest rates, and the electoral context.”
