April
2008
FOREIGN INVESTMENTS
 
Vol. 4 No.3  
 
GERMANY
  • Spice firm centres logistics in Arges
    Condiments producer Fuchs Condimente Romania will invest around ten million Euro in the construction of a new production and logistics centre in Curtea de Arges, Arges county. The new plant will become operational in 2009 and will employ 300 workers. The logistics centre will serve Romania and all European countries where Fuchs is present.

  • Cash and carry heads to Braila
    Selgros Cash&Carry Romania has invested up to 20 million Euro in opening a new store in Braila. The outlet covers 10,000 sqm and has 350 employees. By the end of 2008, the German company has planned to open another store, but as The Diplomat went to press Selgros was not decided on the location.

  • Budget clothing ups branches
    Budget clothing retailer Takko Fashion International will open another 15 stores this year creating about 150 jobs. The retailer entered the Romanian market in 2007 and has so far opened eight budget stores all over the country. By 2010 Takko plans to reach one hundred stores in Romania.

GREECE
  • Apartment blitz set for Bucharest
    Construction and development company Raptis Kavouras will invest 58 million Euro by the end of  2009 in three residential projects in Bucharest. The first project will start construction this May on Strada Moliere in Primaverii. The building will have 23 luxury apartments and the total investment will reach 17 million Euro. The second project will start in autumn 2008 in a mixture between 75 apartments and 4,000 sqm surface of offices. In 2009, Raptis Kavouras will begin its third project worth 21 million Euro for 200 luxury apartments near the Bucharest Zoo.
ISRAEL
  • Apartment project for centre capital
    Real estate developer Ocif Group has invested 20 million Euro in the development of a residential complex with 110 apartments in a building located on Strada 11 Iunie, near Piata Unirii in Bucharest. Construction works on ‘Vivando Unirii’ started last November and are expected to finish in June 2009. The building comprises one to four room apartments with areas ranging between 37 and 176 sqm.
FRANCE
  • Six new hypermarkets for 2008
    Carrefour plans to invest this year 120 million Euro in six new more stores in Oradea, Arad, Pitesti, Suceava, Iasi and Bucharest, according to Business Standard. Last November, Carrefour purchased the Artima chain of supermarkets for 55 million Euro.
ITALY
  • Bank plans 70 more branches
    Unicredit Tiriac Bank plans to expand its network by 70 more branches and to employ a further 1,000 people this year. At the end of 2007, Unicredit Tiriac Bank had 141 branches, 600,000 clients, 2,600 employees and registered an increase in net profit of 50 per cent. “This stems especially from the corporate segment and treasury activity,” said Rasvan Radu, executive president of UniCredit Tiriac.
USA
  • Freight service buys local contractor
    Freight and delivery service giant UPS has bought Romanian-owned Trans Courier Service (TCS) which has been its service contractor in the country since 2000. The transaction will be completed in the second quarter of 2008, estimates the US company. “With direct control of our own network, UPS will have the flexibility it needs to expand operations and to invest in infrastructure, technology, brand presence and employee development,” said the president of UPS Europe, Wolfgang Flick. TCS has 100 employees.
  • Law giant enters under own steam
    White & Case LLP has opened its office in Romania and is managed by partners Todd Shollenbarger and Delia Pachiu, both formerly of Linklaters Romania. The firm has lawyer to partner ratio of ten to two and plans to further expand the headcount and specialisations. The team will begin by focusing on real estate, finance, M&A, private equity and energy.
  • Outlet complex set for west capital
    US real estate developer Mega Company will invest around 80 million Euro in the development of an outlet centre in west Bucharest on the A1 motorway near the Ring Road, on an area of 38,600 sqm. The Factory Outlet Center will include fashion stores, sportswear, home decor, concept stores, several coffee shops and a food court. Construction works started this spring and the first of the two phases is expected for delivery this autumn. Mega Company specialises in the construction of large commercial, industrial and retail projects.
NETHERLANDS
  • Furniture brand expands
    This year, oak and pine furniture producer Quadra Invest is opening two new European Heritage stores in Bucharest and Sibiu and a showroom in Targoviste, Dambovita county. Quadra Invest currently sells its 18th century-style furniture in its European Heritage store in Bucharest’s Historic Centre and opened a second store inside Bucharest Home & Design Mall last March. The company started its business in Romania with a furniture factory in Targoviste.
  • Bank continues organic option
    ING Bank will open 40 new branches in retail banking and six more branches for wholesale banking this year. In 2007, ING Bank Romania doubled its number of clients in retail banking to 500,000 clients and by the end of 2008 the bank plans to reach 750,000 customers. The bank currently has 29 wholesale branches and 147 retail branches.
  • Beer giant targets local brewer
    Beer producer Heineken has purchased the Romanian owner of the local beer brand Neumarkt, Bere Mures, subject to approval by the Competition Council. Heineken officials did not reveal details of the value of the deal, but last December, Bere Mures stated to Ziarul Financiar that they were expecting offers of between 150 and 200 million Euro. Bere Mures has a market share of six per cent and this could increase Heineken’s market share to 31 per cent of the Romanian market. Bere Mures produces Neumarkt, Sovata and Graf Dracula in a factory in Targu Mures, Transylvania and has 394 employees.

 
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