Austrian real estate company Immorent, part of Austrian Erste group and Sparkassen, is stepping up its presence in Romania with the development of a EUR 300mln project in Bucharest. Construction work on the 4.4-hectare site is due to start at the end of 2008, Romanian newspaper Business Standard said. The company also plans to invest about EUR 100mln per annum in the acquisition and development of new projects in the country. The company will focus on shopping centers in cities with more than 100,000 inhabitants.
Austrian real estate company Immorent, part of Austrian Erste group and Sparkassen, is stepping up its presence in Romania with the development of a EUR 300mln project in Bucharest. Construction work on the 4.4-hectare site is due to start at the end of 2008, Romanian newspaper Business Standard said. The company also plans to invest about EUR 100mln per annum in the acquisition and development of new projects in the country. The company will focus on shopping centers in cities with more than 100,000 inhabitants.
The Bucharest project will provide about 150,000 m2 of mixed-use space, including offices (45,000 m2) and residential buildings.
