Pan-European investor Europa Capital has agreed to sell all 150 apartments in the first phase of its Vitan Residence 2 residential project in south-central Bucharest.
Pan-European investor Europa Capital has agreed to sell all 150 apartments in the first phase of its Vitan Residence 2 residential project in south-central Bucharest.
The financial details were not disclosed.
Phase I was completed at the beginning of 2013 and has sold out 15 months after the launch of its sales programme. The second phase of Vitan Residence 2 comprises 80 apartments and is due to be handed over to buyers this summer. The third phase of another 150 units is scheduled to begin construction in Q3 2014.
Vitan Residence 2 is the first residential development associated with Europa Capital’s Emerging Europe Fund. This investment was made in a joint venture with RPF Group, a Romanian/US-owned firm which has been active in the Bucharest residential market since 2005. Vitan Residence 2 is a project within the Bucharest Residential Programme, which Europa Capital and RPF Group created to address the chronic undersupply of new and modern apartments in the city.
Erik Gustafson, head of asset management at Europa Emerging Europe Fund said: 'Early on, we identified the business opportunity that existed in the Bucharest residential market and, together with our local partner RPF Group, we are able to supply the growing demand for well-designed, affordable housing.'
Europa Capital’s principals have collectively raised seven real estate funds and committed to over 80 transactions totalling some €8 bn across 18 European countries since 1995. Europa Capital is a member of The Rockefeller Group.