Liebrecht&Wood to put 300 million Euro in a new residential compound at Frumusani area, Eastern of Bucharest
Liebrecht&wooD Group, an international real estate company operating in Poland, Romania and Russia and founded in Belgium, locally better known for the Fashion House Outlet Center located in Militari area in Bucharest and opened in 2008, announced today it plans the development of a residential compound in Frumusani area, Eastern Bucharest. 2016-04-12 17:05:50
According to company data, Frumusani Residential Park, the Belgian group first residential scheme in the country, will be a large-scale project including 4,500 residential units which will accommodate approximately 14,000 people. The project will be connected through the capital's ring road and it is located on the first exit from the A2 highway. The housing project will be developed in phases, and is estimated to require over 10 years of construction works and an investment value of around. 300 million Euro. Now at its first development stage, the company's general manager estimates a 26 million Euro investment for the first stage, comprising 180 houses.
The newly announced residential project adds to the company portfolio which also includes a retail compound to be developed at Cernica. The company official data states that Cernica Retail Park will consist of 88,000 sqm GLA retail scheme with a total investment value of an estimated 110 million Euro. The project is planned to be built on a 34 ha site, part of a 60 ha plot owned by Liebrecht&wooD, and will serve a catchment area of 3 million people within a 90-minute drive. Cernica Retail Park will include a mix of retail functions, including a Fashion House Outlet Centre, a hypermarket, a shopping gallery, a DIY store, a furniture shop, a sporting goods store and many others. In addition, the project will put at its customers disposal a generous parking with over 3,500 places.
The two projects will both benefit from direct access from and to A2 highway as Liebrecht&wooD built a new exist road following an investment of 5 million Euro, opened to traffic in 2015.
Liebrecht&wood Group entered the Romanian market in 2001, starting with the development of the Militari Shopping Centre in Bucharest. In 2007, the company delivered the modern office complex Victoria Park, one of the city's landmark buildings in the North of Bucharest, totaling 20,500 sqm GLA. In 2008, the first and only outlet centre in Romania-Fashion House Outlet Centre Bucharest was inaugurated as part of the retail park West Park. In 2009, the company won the EuropaProperty SEE Real Estate Award in the "Developer of the Year in Romania" category.
So far, the company has invested around 200 million Euro in Romania, and its portfolio of completed projects comprises circa 115,000 sqm of office and retail space. The Group's land bank in Romania includes approx. 280 hectares, providing further development opportunities on the local market during the years ahead. Currently, Liebrecht&wooD Group has 20 employees in Romania.
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