Isle of Man-based European Convergence Development Company and Dickau Investments, one of Romania's largest developers, have begun joint venture negotiations to co-develop offices in Bucharest. The A class office project will be built via a special purpose vehicle and the deal will include the acquisition of a 50% interest in land situated in north Bucharest. Total development costs are estimated at EUR 82 mln and the project has an expected duration of 50 months.
Isle of Man-based European Convergence Development Company and Dickau Investments, one of Romania's largest developers, have begun joint venture negotiations to co-develop offices in Bucharest. The A class office project will be built via a special purpose vehicle and the deal will include the acquisition of a 50% interest in land situated in north Bucharest. Total development costs are estimated at EUR 82 mln and the project has an expected duration of 50 months.
ECDC's investment in the initial phase of the project is approximately EUR 8 mln. This is the company's sixth joint venture project and brings the total amount of equity committed by the company to EUR 52 mln.
