Ablon kicks off first office project in Romania with EUR 280 million

The land plot is the company's fifth acquisition in Romania since its market entry in 2006. Its total land acquisitions to date amount to 437,000 sqm with two plots located in the Pipera area and two in Mogosoaia and Timisoara Boulevard in Bucharest at an overall investment of EUR 43 million.
The four residential projects announced so far will deliver 4,000 apartments and 116 villas estimated at a market value of EUR 500 million, the company said.
“The office development in northern Bucharest is planned to diversify and increase the value of the company's portfolio owned in one of the most attractive cities in CEE region,” said Uri Heller, the founder and executive director of Ablon. According to the developer, the office project will comprise, besides office buildings, other facilities totaling 266,500 sqm of built area. Construction works are expected to start within one year. The project will be developed in more than five stages and will last for six years, according to the company.
Sunset Residences was the first Romanian project developed by Ablon Group in Romania. The company has also overseen residential and commercial projects in Budapest and Prague. In five years, the firm plans to deliver 5,000 apartments in Bucharest. In December last year Ablon said it expected EUR 345 million in total revenue from two planned residential, office and retail projects in Bucharest, both located in the Pipera area, according to a company statement.
Magda Purice