Ablon Group, a Budapest-based real estate owner and developer in Central and Eastern Europe, has increased its stake in two development companies that own plots and development rights in Bucharest, Romania from 80% to 88% in non-cash transactions.
Ablon Group, a Budapest-based real estate owner and developer in Central and Eastern Europe, has increased its stake in two development companies that own plots and development rights in Bucharest, Romania from 80% to 88% in non-cash transactions.
In a statement, Ablon said it will take on all future equity and shareholders' loans required to finance the two projects on Timisoara Avenue and Mogosoaia Village. The share of Ablon's partners in the two companies will be diluted from 20% to 12%.
The Timisoara Avenue development involves the construction of 1,800 apartments and leisure facilities on a 41,000 m2 plot in the Brancusi district in the west of Bucharest. The work is scheduled for completion in 2012. In the second project, Ablon plans to build 116 villas by 2009 on a 94,000 m2 plot seven kilometres northwest of Bucharest city centre.
