Atterbury Europe and IULIUS have established a joint financial fund, with equal participation shares (50/50) for the development of the mixed-use project Openville Timisoara, western Romania, as well as other development projects to be started.
Moreover, the partnership will contribute to supporting the consolidation strategy on the regional level of the mall network created under the IULIUS MALL brand, by the joint holding of 50% each of the shares pertaining to IULIUS MALL IASI, IULIUS MALL TIMISOARA, IULIUS MALL CLUJ and IULIUS MALL SUCEAVA.
The partnership will fundamentally strengthen IULIUS’ dominant position on the Romanian market and accelerate the development pace of the regional projects, both the on-going as well as the future ones.
The agreement between Atterbury Europe and IULIUS marks the start of a strong business relationship which targets new real estate developments in Romania.
“Atterbury Europe’s investment strategy is to invest alongside the “best of breed” in the countries we choose to invest in. We are delighted that our presence in Europe together with our South African ties have led to the joint venture with the IULIUS GROUP in Romania,” said Henk Deist, CEO of Atterbury Europe.
“We share a similar culture and passion for the development of high quality real estate projects, specifically in the “mixed use” space, and we look forward to working with the IULIUS GROUP to reach new heights together,” comments Louis van der Watt, CEO of Atterbury Property Holdings in South Africa.
“During the last 17 years, IULIUS has dedicated its efforts to achieving landmark regional projects for the sustainable development of communities, and the agreement with Atterbury Europe holds a significant role in the acceleration of this strategy. Our joint venture combines the know-how and dominant position we hold in the Romanian market, with the financial strength and experience in property management of this prestigious international group. We share the same business vision and we are confident that together we will strengthen our development strategy, adding value to our portfolio and implementing new landmark projects,” stated Iulian Dascalu, President of IULIUS Company.
IULIUS’ portfolio will continue to be managed by the same team of specialists in property management.