Tiriac and Riofisa put EUR 300 mln in country projects

The commercial center in Timisoara will be built on the premises of a former abattoir in the city, on a 4.6-hectare plot. It will cover some 45,000 sqm and will feature a parking lot with 2,000 spaces. In the second phase, the project will also include an 11-storey building with some 36,000 sqm of housing units, as well as offices on approximately 80,000 sqm. The buildings already existing in the abattoir complex will be renovated and included in the new facility. The mall in Brasov will cover some 47,000 sqm with an additional 25,000 sqm of housing and offices.
The two developers are also thinking of including a hotel in this project. Each project will be worth some EUR 150 million. They are the first on the Romanian market for developer Riofisa.
Tiriac Imobiliare is also working on La Stejari residential compound in the north of Bucharest.
The compound, to be built on a ten-hectare plot, will feature 580 apartments. The total investment was estimated at some EUR 300 million.
Construction works at the infrastructure started last year while works at the apartment buildings started this February. The project is scheduled for completion in September 2008.

Staff