Loading ...Cefin Real Estate, the property development arm of Italian group Cefin, will develop in Baneasa, near Bucharest, a real estate project that will include offices, shopping centers and apartments.
The total value of the investment will stand at some 540 million euros.
The total value of the investment will stand at some 540 million euros.
“We received the relevant plan ten days ago and we will start the works first on the shopping centers and offices, which will have an area of 40,000 sqm. Afterwards, we will build over 300,000 sqm of apartments,” said Stefano Albarosa, president of Cefin group.
In the commercial area of the project, which will draw investments of 240 million euros, will function also a 5-star hotel. The sum of 300 million euros will be allocated for the residential area of the project, and the funds for investments will come 80 percent from loans, while the rest represents the developer’s own funds.
The Italian group’s strategy on the local real estate market is to sign partnerships with the investment funds to draw capital in view of developing the projects started, reads Ziarul financiar daily. Thus, Cefin is working on another real estate project, worth 45 million euros, in partnership with the investment fund Heitman.
At present, Cefin is also developing real estate proiects also in Constanta (south-east), Timisoara (west), Iasi (north-east), Bacau (east) and Galati (east), where it has already bought the necessary plots of land.
The first project developed by the Italians on the local market is Cefin Logistic Park, situated near the Bucharest-Pitesti motorway.
Carrefour, Altex, Interbrands, Centrum, FM Logistic, Agroalim and Macromex are among the companies that have rented spaces in Cefin Logistic Park.
The investments in Cefin Logistic Park will continue up to 150 million euros to finally occupy an area of 300,000 sqm.
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