THE DIPLOMAT > Real estate > Property in Brief
Vol. 2 No.2  

Property in Brief


Terra Vision is investing around 20 million Euro in a residential complex, situated in north Bucharest over 25,000 sqm. ‘Ansamblul Stefanesti’ will have four blocks of flats with five floors and a penthouse of 5,500 sqm in each, a nine-floor building with 50 apartments, a mini-mall and bank. The total number of apartments is 370, with surfaces between 45 and 220 sqm.

Portland Trust, office developer of the Opera Center and Bucharest Business Park, has started building an industrial project in west Bucharest, at a likely value of 300 million Euro, officials said. On around 100 hectares of land at the exit from the highway at km 14, the firm has started infrastructure works, Robert Neale, managing director of Portland Trust, told Ziarul Financiar.

Victoria Holding will invest about 20 million Euro to build a 12-storey car park in southern Bucharest located close to City Mall and stretching over 38,000 square metres.

Phoenix Real Estates has sold the industrial project, Mercury Logistics Park, to Helios Properties, a UK-based property development and investment company, announced Eurisko.

German investors have started to build a seven-floor office centre office block in south Bucharest’s Metalurgiei Blvd, due for completion this June, following an investment of four million Euro. Real estate firm Eurisko said Bavaria Office Center will stretch over 5,600 square meters with 170 parking places.

A two million Euro shopping gallery will open in west Bucharest’s Crangasi district, scheduled for this month, Regatta announced. Grant Shopping Center will stretch over 5,500 sqm.

A new residential project is now on the market, covering almost 7,500 square metres in the Iancu Nicolae area, announced Regatta. ‘Amfiteatru’ comprises 30 luxury apartments lodged by three buildings
designed as three stories buildings.


Works are to start on a reported 13 million Euro project to build a new housing district in Brasov, an endeavour by German- based Maurer & Kasper. Dubbed Avantgarde, the future district stretches on a 35,000 sqm area and comprises 17 villa-like blocks of flats, with a total of 275 apartments. Officials said the apartments range from one-bedroom to three bedroom units, with prices ranging from 60,000 to 93,000 Euro.

Moldova’s Danube port city will see its first Class A offices, available from the end of November 2007. This will be situated over a 4,000 sqm surface on the fourth floor of Union Investitii’s 50,000 sqm Euromall on Str. Ana Ipatescu. 24,000 sqm shopping space in the mall is rentable.

Real estate firm Chrytis will build a 20 million Euro residential complex
on an areas of seven hectares in Ghimbav, Brasov county. The construction of around 120 houses will start in May and end in 2009 or 2010. In 2004 the company started a 32 villa residential complex on a 16,500 sqm site, 95 per cent of this site is complete.

Ravensdale Investments will this month begin investments in a new project, dubbed Brasov Business Park. The project is promoted by Zoltim Trading real estate agency and will comprise four class A office buildings, stretching over almost 35,000 square metres. A retail area covering 5,000 sqm and a new four star hotel are also in the plan, officials said.

Olimpia BC will be officially opened this month, bringing a new addition to the class A office buildings market in Cluj-Napoca. The eightstorey business centre covers a net total area of 5,770 sqm with a usable surface per floor covering 500 sqm.

Israeli-based Poalim Real Estate, a private equity fund held by Poalim Capital Markets Investment Bank, has begun construction on a new 55,000 sqm mall in Constanta. Adjacent to Lake Siutghiol over 25,000 sqm of commercial space, the deal is valued at 40 million Euro and is scheduled for completion in May 2007.