Rompetrol builds EUR 200 mln HQ and residences

The 15-hectare plot, on which the project will be built, is close to Free Press square in Bucharest. It was bought in 1991, according to Dinu Patriciu, president of the Rompetrol Group. Patriciu has recently sold a stake in Rompetrol to Kazakh group KazmunaiGas, and has announced his intention to become the major contributor in an investment fund, called Tailwind, with real estate as one of investment targets. The fund will raise up to EUR 600 million in a first stage. Rompetrol is not the first oil and gas company to invest in real estate. Austrian-owned Petrom will invest EUR 130 million in its headquarters in Straulesti area close to Bucharest. Petrom City office compound will feature 100,000 sqm of offices and should be finalized in 2009 – 2010.

Corina Saceanu