Loading ...BSG Group controlled by Israeli billionaire Beny Steinmetz, with activities in diamond industry, gets underway real estate projects as well, in the value of one billion euros in Bucharest and its surroundings.
Investments are to be implemented in the three years to come, the majority of projects being focused on the residential segment.
The Israeli group also took over, six months ago, real estate developer BSR Engineering Development and at the same time its activities on Romania's territory through its BSR Europe branch.
BSR Europe acquired last year, against 14 million euros, the residential project West Park from Militari district in Bucharest, developed by Rom Canada Co. and, following the merger with BSG, this became the main project of the Israeli group. Started on a three-hectare land and designed with 900 apartments, West Park complex was extended with another two hectares, reaching a number of 1,400 housing units. The value of this complex is evaluated, following extension, at 120 million euros. The project is to be finalized in 2011.
"Alongside Military project we also have in ongoing implementation a complex of 1,000 apartments in Pantelimon, a project in Cotroceni-Gradina Botanica zone, other two in Saftica and Corbeanca (close to Bucharest) with some 2-3,000 villas and in Ploiesti (south) a project of 20 million euros, with 250 housing units", announced Moshe Agavi, managing director of BSG. The five residential projects will need investments of some 500 million euros and have a finalization deadline the following three years.
BSG is also targeting the office segment in Bucharest and mall construction both in Bucharest and in the main cities in the country.
The company entered the Romanian real estate market one year and a half ago, through a joint venture with BSR Engineering Development and, following their takeover, is active under Seven Hills brand. The group runs activities in natural resources fields, real estate market, diamond industry and on the capital market.
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