Textile factories replaced by real estate projects worth 400 million euros

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The former textile factories in the big Romanian cities will be replaced by real estate projects worth some 400 million euros, with the most important such projects being located in Bucharest, Cluj-Napoca (central-west), Timisoara (western Romania) and Baia Mare (north).
 
The largest such project with investments being made in the erection of new buildings on the location of a former textile factory, namely Tricodava, is to be developed in Bucharest. Here, the Gran Via real estate developer is to inject together with a partner some 200 million euros to build a residential complex to include 2,000 apartments, as well as shopping centres and offices, Ziarul financiar daily reads.
 
ModaTim from Timisoara is one of the few producers of ready-made clothes that chose not to sale the field the factory was built on to a specialized developer, having created instead its own real estate investment division. The company has already built an office building.
 
After having invested 8 million euros in the first office building, ModaTim is to relocate its textile production outside the city, with four other building to be erected on the current location downtown.
 
The total investments will reach approximately 40 million euros.
 
In exchange, the owners of the Tricotaje Somesul facility in Cluj-Napoca decided to sale the field covering 18,000 sq m located downtown for 12 million euros. The buyer is Dawnay Day that, via Atrium Centers, started building a mall and an office building on the location of the former factory, with investments standing at 85 million euros.
 
In its turn, the Maratex factory from Baia Mare was acquired by the Red Management Capital that is to build a shopping centre, with money to be injected to reach 75 million euros.
 
Chairman of ModaTim Investments Ovidiu Sandor explained to the abovementioned newspaper that real estate business is currently more attractive than the textile industry. "The profit margins in real estate are currently significantly higher than those in the textile industry. There were quite high profit margins in the ready-made-clothes industry 3-4 years ago, but with small turnovers.
 
Currently, due to reasons related to the costs, such margins dropped significantly, coming closer to the margins in the textile industry worldwide, which stand at some 5-7 percent,” Sandor says.
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