Real estate developer Hagag and grain trader Cambela Prod have extended the due diligence period for the acquisition of an 8.6-hectare land plot in Constanța, on the site of a former trolleybus depot, until August 22, 2026. A large-scale mixed-use complex is planned on this site, projected to generate total revenues of approximately EUR 623 million and a pre-tax profit estimated at around EUR 129 million.
According to the Zonal Urban Plan (PUZ), the development has a total built area capacity of approximately 234,000 square meters. The residential component is predominant, accounting for about 174,000 square meters allocated to 2,115 apartments and complementary commercial spaces. The project also includes a 10,000-square-meter hotel section, 7,000 square meters for public buildings, and around 2,485 underground and aboveground parking spaces. The site, decommissioned since 2010, is located between the Dolphinarium and the Farul stadium.
The transaction, initially reported by Profit Insider, is structured without full cash payment: Bela Tănase, owner of Cambela Prod, will receive apartments and potential commercial spaces proportional to the land’s value, or cash compensation following the project’s commercialization. Cambela Prod, one of Romania’s major agricultural traders, recorded a turnover of EUR 232 million and a net profit of EUR 7.6 million in 2025, following a peak of over EUR 300 million reached in 2023. For Hagag, this step marks the resumption of its expansion in Constanța, after the cancellation in spring 2024 of the EUR 13.3 million acquisition contract for the former Rex hotel in Mamaia.
Hagag’s local market portfolio exceeds EUR 300 million, with the developer having planned investments of nearly EUR 200 million and a EUR 100 million budget for new acquisitions. In Bucharest, the company completed the restoration of buildings at 109 and 139 Calea Victoriei (33 apartments), converted the office building on 21 Tudor Arghezi Street (over EUR 9 million), and renovated Știrbei Palace. On the outskirts of the capital, in Voluntari, the developer delivered the first 5 buildings of a 1,470-apartment residential complex, an investment estimated at EUR 90 million.
In parallel, Hagag holds a partnership with Niro Investment Group for 50% of Herăstrău Office Building and an agreement with Radisson Hotel Group to convert the former ISPH headquarters into a Radisson RED hotel. The company took over the 273-apartment project on the Izolatorul platform, owns land for luxury residences in the Primăverii neighborhood (purchased at EUR 3,200/sqm and over EUR 5,800/sqm, respectively) and near the State Circus (80 apartments), while also holding agreements for land plots in Băneasa Forest signed with the Caramihai family (EUR 15.5 million) and an A-Heat group vehicle.
Frequently Asked Questions
What is the estimated value of Hagag’s project in Constanța?
The planned mixed-use development is projected to generate around EUR 623 million in revenue and a pre-tax profit of approximately EUR 129 million.
What will the mixed-use development include?
The project will feature 2,115 apartments, complementary retail spaces, a 10,000 sqm hotel section, public buildings, and nearly 2,500 parking spaces.
How is the land transaction structured between Hagag and Cambela Prod?
The deal does not involve a full cash payment; Cambela Prod’s owner will receive apartments, commercial spaces, or cash compensation after commercialization.