Gea 21 takes over Laguna Residence from Gea Prasa International Construct after joint venture split

Spanish group Gea 21 has taken over the Laguna Residence project through its local subsidiary Gea International Development. The first five blocks, containing 140 flats, will be delivered towards the end of this year or the beginning of the next. The Laguna Residence project, which includes 504 luxury apartments, was started in 2007 by Gea Prasa International Construct, a joint venture between two Spanish groups Grupo Prasa and Gea 21. After the two separated at the end of May this year, construction works are expected to restart this month. Laguna Residence is in the northern part of Bucharest, close to Tei Lake in Bucharest, and has around 25,000 sqm of surrounding green areas.

The Gea 21 group has been active on the Spanish market since 1995, and owns stakes in over 50 firms in construction, transport, industry, public works and real estate. In Spain, it worked on the execution and maintenance of the Seville underground, Guadalmedina highway, tram lines in Seville and Jaen, the sports port in Malaga, and other projects involving AVE high-speed railways, public parking lots, residential developments and commercial centers.