Loading ...Lewis Charles Romania investment fund running entirely on British capital invested 26.6 million euros on the Romanian real estate market to buy plots of land in Mogosoaia and Ploiesti (southern Romania), where the fund is to build residential and shopping complexes.
According to a release of the company, Lewis Charles Romania acquired 50 percent of the Gold SPV company that holds a 55.700 sq m-plot in Mogosoaia.
In order to capitalize on the field, the investment fund is to set up a joint company with Alchemy Development Management so as to develop a construction project for a residential complex of 14 blocks, stores and leisure spaces.
The works at the project in Mogosoaia will take four years starting with 2008, with Alchemy Development Management to be responsible with the development of the project.
On the other hand, Lewis Charles Romania bought a plot of 99,000 sq m in Ploiesti (60 km north of Bucharest) in a deal worth 13.6 million euros. The acquisition was made via the intermediary company Magnolia, a company owned by the investment fund, with the development of the project to be taken care by the British Westhill Investments.
There is to be erected also a shopping complex on the plot of land in Ploiesti, to cover 86,000 sq m, with the possibility to arrange in the future some retail spaces and a hotel. The construction works are to start in March next year.
Besides these two projects, Lewis Charles Romania intends to invest in a business centre near the Romanian capital, according to the Business Standard daily.
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