Shareholders of Timpuri Noi company, which is selling a 5-hectare plot of land close to Bucharest centre to the real estate development company of IKEA group, got the go-ahead for the Urban Zoning Plan approved for the plot, with the document allowing for the raising of some buildings with an area of 200,000 square metres and with a maximum height of 110 metres.
Mir & Munich Partners SRL firm, controlled by Romanian-Iranian businessman Mir Faramarz, asked for the decision of the general council of Bucharest on the approval of the Urban Zoning Plan for the plot of land at 165, Splaiul Unirii, to be cancelled and got a favourable ruling from the Bucharest Court of Law a year ago.
Timpuri Noi shareholders challenged the decision with the Court of Appeal, where the request for Urban Zoning Plan annulment was rejected as unfounded.
"The parties have reached an agreement," sources close to the project of Timpuri Noi, told ZF. According to existing information, Faramarz owns land in Timpuri Noi area, whose visibility would be hurt after the raising of some large buildings.
Shareholders of Timpuri Noi company, which is selling a 5-hectare plot of land close to Bucharest centre to the real estate development company of IKEA group, got the go-ahead for the Urban Zoning Plan approved for the plot, with the document allowing for the raising of some buildings with an area of 200,000 square metres and with a maximum height of 110 metres.
Mir & Munich Partners SRL firm, controlled by Romanian-Iranian businessman Mir Faramarz, asked for the decision of the general council of Bucharest on the approval of the Urban Zoning Plan for the plot of land at 165, Splaiul Unirii, to be cancelled and got a favourable ruling from the Bucharest Court of Law a year ago.
Timpuri Noi shareholders challenged the decision with the Court of Appeal, where the req
