Czech-based developer Portland Trust is expanding its activities in Romania with two new major real estate projects in the north of Bucharest. Portland's managing director Robert Neale told Romanian financial newspaper Ziarul Financiar that a 36,000 m[sup]2[/sup] office building is in the early stages of development in the Floreasca district of the city. He did not disclose the investment value but the newspaper suggested a project of this scope would require an investment of EUR 80-100 mln. The company has also begun a housing project on a 50-hectare site in the north of Bucharest.
Czech-based developer Portland Trust is expanding its activities in Romania with two new major real estate projects in the north of Bucharest. Portland's managing director Robert Neale told Romanian financial newspaper Ziarul Financiar that a 36,000 m2 office building is in the early stages of development in the Floreasca district of the city. He did not disclose the investment value but the newspaper suggested a project of this scope would require an investment of EUR 80-100 mln. The company has also begun a housing project on a 50-hectare site in the north of Bucharest.
Portland was established by Neale and Mark Vydra in 1997 to develop commercial real estate throughout Central Europe. New York-based real estate fund manager Apollo Real Estate acquired a major stake in Portland two years later.