Businessman Liviu Tudor develops EUR 35 million of projects, sets up first local building ownersaa‚¬a„¢ association

Newsroom 08/04/2011 | 16:58

Liviu Tudor (pictured), owner of the West Gate and Novo Park projects in Bucharest, is developing five new projects – three office buildings, a block of studio flats and a club inside West Gate – worth a combined EUR 35 million investment, he has announced. The businessman is providing about 80 percent of the money from his own sources, with the rest coming from European funds. Three of the projects, two office buildings and the studio block, are estimated to be finished this year.

Tudor said that for the past two years Romania has not had a major real estate transaction, and added that market revival depends on the banks’ willingness to resume lending and the general confidence level.

Last week the businessman also announced the official launch of the Romanian Association of Building Owners (RABO) and its affiliation to the European Property Federation (EPF). The association aims to “foster a sound, transparent and stable economic and legislative framework, governed by EU-level norms and standards, for local and foreign property owners active on the Romanian market,” said Tudor, president of RABO.

RABO presently has six members including Genesis Development owned by Tudor, the Europolis investment fund and Monolit Development, which have a combined portfolio estimated between EUR 5 and 10 billion. By the end of the year Tudor predicts that RABO will have around 20 members, all the major real estate owners in Romania. The admission fee is EUR 1,000 and yearly membership costs EUR 1,200.

Simona Bazavan