Magnat Real Estate Opportunities intends to develop 400 apartments on a 7,000 m[sup]2[/sup] plot of land in the Vacaresti district of Bucharest. The site was purchased through a local company in which Magnat holds a 75% interest. The total investment volume for the project will be EUR 40 mln.
Magnat Real Estate Opportunities intends to develop 400 apartments on a 7,000 m2 plot of land in the Vacaresti district of Bucharest. The site was purchased through a local company in which Magnat holds a 75% interest. The total investment volume for the project will be EUR 40 mln.
In a press statement, Magnat said it expects to continue to outperform its rivals in the residential development sector in Bucharest. 'The residential market in Bucharest is characterised by a high level of demand and vacancy rates of almost nil. For this reason, and because we were able to acquire the site for an attractive price, we believe to have a very attractive project,' ceo Jan Ruester said.
Magnat is a German real estate developer focused on Eastern Europe. It also undertakes 'special situation' projects in Germany.
