Delfin Park – Constanța attracts an international investor: Hagag Europe signs the memorandum for the most central urban regeneration project in Constanța
The transaction envisages the transformation of the former RATC base into a mixed-use neighborhood with over 2.100 homes, a 4-5 star hotel, a public park, a school and a kindergarten. The project capitalizes on the PUZ approved by the Constanța Local Council in January 2026.
Delfin Park , the urban regeneration project that will transform the former RATC base on Soveja Street, is entering a new strategic phase. The project initiator, Cambela Prod SRL , announces the signing of a memorandum of understanding (MOU) with the Israeli investor Hagag Europe , one of the most important real estate developers present in Romania and a company listed on the Tel Aviv Stock Exchange, for a complex combined transaction that will bring the financial capacity and expertise of an international investor behind the largest private urban development project in the recent history of Constanta.
The partnership confirms the maturity of a project that, after a rigorous administrative process, received the vote of the Local Council in January 2026 and is now preparing for the actual implementation phase.
An emblematic project for Constanța
Delfin Park is conceived as a complete urban reconversion of an area that has been in disrepair for over three decades, located in a strategic area of the city – in the vicinity of the Natural Sciences Museum Complex (Dolphinarium), the Children's Park and the Farul Sports Complex . The project is carried out on an area of approximately 8,5 hectares and proposes a coherent urban vision, designed not only for future residents, but for the entire Constanța community.
According to the approved and in force Zonal Urban Plan, the project will include building rights totaling approximately 234.000 sq m , structured as follows:
- approximately 174.000 sq m of housing - about 2.115 residential units;
- approximately 10.000 sq m of hotel space – a 4-5 star hotel, the first investment of this type in the area;
- approximately 7.000 sqm dedicated to public and leisure functions – school, kindergarten, medical clinic, public market, supermarket and local services.
One of the defining components of the project remains the public park of approximately 1,2 hectares , freely open to all city residents – the largest new park built in Constanța since 1990 – integrated into a green corridor with a pedestrian and bicycle axis, which will connect the Delfinariu area with the Children's Park and City Park Mall.
The PUZ is valid for five years, and the development is planned in stages, over a horizon of approximately 10 years - an approach that allows the area's infrastructure to be adjusted gradually, in step with the natural evolution of the neighborhood.
The agreement with Hagag Europe is structured as a combination deal – a formula widely used in developed real estate markets, a scheme that allows for the allocation of capital towards construction quality and on-time execution, while giving the owner direct participation in the final value of the development.
Assistance during the negotiation and implementation of the transaction is provided by the law firm Roman Ciuciu & Asociații (RC Partners) , with a team coordinated by Laurențiu Ciuciu, Partner.
In the coming period, the partners will start the procedures for obtaining building permits, until the completion of this stage, only insignificant costs related to design and approvals are expected.
From local vision to international standard implementation
With an investment of this magnitude, Hagag Europe's entry into the project brings institutional financial capacity, international expertise in integrated real estate development and a solid track record of projects delivered in Romania. For Constanța, this partnership means the guarantee of professional, long-term execution, in a context in which the real estate market has entered a new stage, marked by increased demands regarding the quality, transparency and financial sustainability of developers.
"We started this project with the conviction that the city of Constanța deserves more than a new real estate development - it deserves a neighborhood designed for people, not just for square meters. We have invested years in building a correct urban vision, in a serious dialogue with the local administration and the community, and we have gone through each administrative stage without shortcuts. The partnership with Hagag Europe comes as a natural recognition of the maturity of this project and offers the international expertise that Constanța needs," claim the representatives of Cambela Prod.
The completion of the transaction and the signing of a binding acquisition agreement are subject to the completion of the due diligence process and the fulfillment of the usual conditions precedent, in accordance with international practice in such operations.
About Dolphin Park
Delfin Park is an urban regeneration project developed on the land of the former RATC base in Constanța, Soveja Street. Initiated by Cambela Prod SRL , a company with Dobrogean shareholders, the project proposes the transformation of one of the most visible urban voids of Constanța into a modern mixed district, with residential, commercial, educational, hotel and leisure functions, integrated into the urban fabric through the green corridor Delfinariu – Children's Park – City Park Mall.
About Hagag Europe
Hagag Europe (TASE:HGGE) is an international investor with Israeli capital, listed on the Tel Aviv Stock Exchange. Present in Romania since 2017, the company operates locally through two investment platforms: real estate development and promotion ( Hagag Development Europe ) and energy ( Hagag Energy ).
In the real estate sector , the company is involved in the development of residential, commercial and hotel projects, as well as in the renovation and refunctionalization of buildings with historical value.
The local portfolio includes 12 real estate projects - delivered, under construction or in various stages of development, as well as the "flex-office" product H Private Arghezi.
In the energy industry , where it operates under the Hagag Energy sub-brand , the investor is currently active in the natural gas distribution and supply segment, with real ambitions to diversify its activity in the coming years. With 74 concession areas, 99 localities served, three distribution networks completed and operational, and 71 networks in various stages of development, Hagag Energy enjoys an active and solid presence at national level, which reflects the company's ability to develop complex projects and deliver functional infrastructure.
(Advertisement)
