Kardan in residential deal with Deutsche Bank affiliate

Kardan, the listed Dutch-based real estate company, has announced its real estate subsidiary, Globe Trade Centre, will develop residential property in Romania and Hungary together with RREEF, an affiliate of Deutsche Bank.

RREEF Opportunity Funds will become a shareholder of GTC's residential complexes in three major developments: Rose Garden and Felicity in Bucharest and Sasad Resort in Budapest. Total investment for these projects amounts to approximately EUR 270 mln. The projects cover an area of over 300,000 m². Kardan said the cooperation between GTC and Deutsche Bank is expected to create a 'powerful brand in the residential market'. GTC will manage the projects for the partners and will have a 50% share in the joint venture, but it may receive a 75% stake in the profit, depending on the projects performance.

In addition, GTC is continuing its expansion in Central and Eastern Europe by entering a 7th major city in Poland, Katowice. GTC has acquired land in the city for the development of over 50,000 m² of office and residential space.

Kardan is an international investment company in the real estate, financial services and infrastructure sectors and it is primarily active in Central and Eastern Europe.