Altex plans real estate division

The company is to merge Cometex Suceava, which owns commercial space covering some 28,000 sqm in Suceava city, and another company in the group, Real Estate, according to Ostahie, quoted by local media. The company resulting from the merger will be the group's real estate division, led by Gabriela Bodron, currently acting as CEO of the two companies. It could also be listed on the Bucharest Stock Exchange. New commercial developments are among the targets Ostahie has for the new real estate division.
Altex group took over Cometex in 2005 following a stock exchange transaction, for some EUR 7.5 million.
According to company officials, Cometex is currently posting a EUR 700,000 profit a year. Real Estate controls around 14,000 sqm of commercial space around the country.
Altex accounted for EUR 220 million of sales in 2006, a 20 percent decrease on 2005. The firm blamed the drop on its restructuring and a program which included the opening of large stores, along with closing smaller ones.

Corina Saceanu