Pirelli RE has set up two joint ventures with the Unicredit group in Romania and Bulgaria as part of its expansion drive in Central and Eastern Europe. The Italian property company said on Wednesday that it had launched Pirelli RE Romania together with Uncredit Tiriac Bank (80% Pirelli and 20% Unicredit) . A similar agreement has been signed with Unicredit Bulbank for the creation of Pirelli RE Bulgaria (75% Pirelli -25% Unicredit).
Pirelli RE has set up two joint ventures with the Unicredit group in Romania and Bulgaria as part of its expansion drive in Central and Eastern Europe. The Italian property company said on Wednesday that it had launched Pirelli RE Romania together with Uncredit Tiriac Bank (80% Pirelli and 20% Unicredit) . A similar agreement has been signed with Unicredit Bulbank for the creation of Pirelli RE Bulgaria (75% Pirelli -25% Unicredit).
Pirelli RE said the goal of the ventures was to become a leader in the Bulgarian and Romanian markets, 'offering quality, design-conscious and eco-sustainable real estate products.'
Real estate investment in Romania is expected to reach EUR 500 mln in 2007, compared with EUR 250 mln in 2005, Pirelli RE said. Bulgaria's entry to the European Union and improved economic situation have also resulted in better prospects for its real estate market, with office and retail offering the most growth potential in the commercial sector, the company said.
