Good morning, everyone, and welcome to Home Real's Q1 2020 Results Presentation. Marcel Farzvalandes will take you through this presentation today, and it will be uploaded for everyone to view on our website, www dotromreale.com, after this presentation has ended. Please turn to Page 3 of this report. These are the highlights of the Q1 2020 results. Net asset value was €0.45 or €5.13 per share, that being almost flat compared to the end of the Q4 2019.
Note that Norwegian kroner has devalued significantly against the euro, and therefore, the net asset value in corona base value has had a significant increase. The year end 2019 valuation was concluded by Knightfraum in February 2020, and there were no further changes made to the value of the investments. On the Lekside plot, the contract for electricity connection of the area has been signed. In the industrial park, number 4 on the list, we received the building authorization for the rolling utilities. And it's important because of the NATO infrastructure investment that will take place in the region only 5 kilometers away from the plots.
During the Q1 of 2020, the company entered a Lakeside sale agreement for 4 plots for a total consideration of €565,000 paid in full. On 14th May, about €1,990,000 excluding VAT was invested in infrastructure, primarily in Industrial Park and Lakeside. The net result for the quarter was €310,000,000 loss compared to €976,000,000 loss for the Q1 of 20 19. This is mainly due to the foreign exchange loss. Operating cash flow for the quarter was a positive SEK 639,000 compared to a negative SEK 552,000 in the same period of last year.
At the end of the quarter, the company had a cash position of 2,900,000 plus about €605,000 unsettled receivables. This totals to close of €3,500,000 or about DKK0.1 per share. Please turn over. Here we can see that the economic growth has decelerated in Romania in the Q1 compared with a 5% increase in the last quarter. It's expected that in the Q2 due to COVID-nineteen lockdown, the Romania's economic growth will accelerate even further.
To support the economy, the government announced a series of measures in March amounting to about 2% of GDP. On the 14th May, the state of emergency has changed to state of alert and this should lead to a stepwise easing of the lockdown. During the Q1 of 2020, the residential average price in Romania apartments slightly declined at the end of April by 1.7% compared with March 2020 at €1365 per square meter. The price is still 11.3% higher compared with April 2019. Pricing Costanza decreased about 1.4% compared with March 2020 and still 8.9% higher compared with April 2019.
Please turn over. Here we see the net asset value movement according to international financial monitoring standards for the Q1 of 2020. Investment property was at €3,500,000 cash stands at €2,900,000 plus the unsettled receivables of about €600,000 We have asset held for sale of €2,300,000 And the NAV is at €0.47 per share and has shifted very little compared with the same quarter of last year. Please turn to the next page for the financial highlights. Operating revenue, 1st quarter, and 74,000 mainly from land bank sales and some limited income from the Ballada market.
Operating expenses are €135,000 that provided a result for the period of negative €310,000 mainly due to the other operating expense, which reflects the unsettled foreign exchange loss. Cash position of €2,900,000 and NAV at €0.45 per share. Please turn to the next page. This is the Romer land bank that stands at 270,000 square meters, mainly in Constanza and Ovidiu. And for more information, you can visit our website.
As to the operating highlights, the Lakeside plot, which is the most lucrative plot at this moment for the company, we have signed a contract for the grid connection and also the contract for supplying gas has been signed. The company is awaiting for the authorization in order to start working in the area. A showroom is planned to be built around the 1st June in order to improve our marketing. And during the Q1, the company entered a sale agreement for 4 more plots for a total consideration of 565,000 €500. On Oasis, the company is negotiating with the utility authorities the cost for putting the grid connection there.
The company is going to reauthorize the works, finalizing the house blocks erected on-site in order to add more value to the whole plot. The industrial park, the building authorization has been obtained. The company is discussing the sale of around 15,000 to 20000 square meters to International Group. In Balatah market, the sales area was reduced due to COVID, and the entire market is expected to open again. The new ballistic plan for the Bradesco plot has been finalized towards the end of 2019.
The company has already established specific contacts with interested investors in the area. Please move to the next slide. On the condensation agenda tax authority decision, a new legal regulation issued by the government in order to protect the interests of the local companies, which means to subject to certain conditions of lower combos, will be exempt from important debts to stake. The company will need to assess the position with respect to this case with the assistance of the local Air Steel team. At the present, the restitution of claim is subject to a final solution by the municipality and subject to solving a litigation case.
The piece of land is already agreed to be sold to the buyer of the company, the previous buyer of the Mamaea North plot subject to a final satisfactory conclusion. The Romanian macro development has decelerated the GDP of Romanian economic growth to 2.4% compared with 5% the last year. This is what we announced on the results presented on May 15 could be revised as it has been unable to collect sufficient data due to the COVID-nineteen restriction. The EBRD expects a 4% economic contraction for Romania for the whole year. There have been more than 11,000 confirmed cases of coronavirus in Romania and so far in the country is currently under the state of alert.
It has changed the state of emergency since May 15. To support the economy, the government announced a series of measures in March amounting to about 2% of the GDP, which includes increased funding to the health care sector, localities and subsidized credits to small business services. Please turn over. Now real estate, the 1st 3 months of 2020 amounted to about €129,000,000 out of which 85% were obviously industrial property acquisitions. Our fixed retail, the closure of residential stores due to COVID is expected to affect the prices.
While the level of new office space delivery bookings was similar to Q1 2019, the leasing activity recorded a 50% year on year decrease during the Q1 of 2020. Please turn over to next page. This shows development of apartment price in Romania and Constanza. There has been a deceleration and decline of pricing as we see in April in both Romania and Constanza. Steel prices are about 11.3% higher compared to April 2019 in Constanza, 8.9% percent higher compared to April 2019.
The next slide, here you can see the top 20 Romeo shareholders as of the 15th May 2020. This table is placed here for your information only. Please turn over to next page. The highlights and the main focus going forward is that the company will still continue on land value enhancing activities in order to improve the shareholder value and exit. This includes, amongst others, investments to improve the saleability of certain plots and to commence and to some extent conclude the regulation processes.
The company is involved in several ongoing conditional sales processes. The RINER parliament approved in January 2020 to upgrade and expand the NATO base located in Constanza. This is a significant project in a local context and should significantly help to underpin the labor and real estate market in the region. On the Almiras project, industrial park is located about 5 kilometers from the expanded base area. It is not yet foreseeable to estimate how prices in the number of resulting from COVID-nineteen will develop in the second or third quarter of this year.
With this, we have concluded our presentation for today. Thank you for listening in. For further information, you can contact myself, Hijs Palamedos, Investor Relations or our Chairman, Ketan Groorskrupp. Thank you very much for listening.