November 25, 2017

Brownfield developments waiting for the green light

Legal uncertainties and costly clean-up procedures have so far discouraged investors from investing in brownfield redevelopments in Romania, who continue to prefer greenfield projects. However, in the not too distant future the situation could well change and investors’ interest in the abundance of local derelict industrial sites will pick up, should the authorities address related issues.  According to the US definition, the term “brownfield site” means real property, the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. In Europe, however, there is a lack of a common definition, Perry Zizzi, partner at Clifford Chance Badea, declared. “I would not say there is particular interest in such sites, and that is the problem. We need to encourage brownfield redevelopments in order both to preserve undeveloped sites and thereby reduce urban sprawl, and to clean up sites that could damage the public’s health and blight our communities,” he added.

Source: Business-Review (read more)

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