European Residential Property Fund has paid EUR 9.5 million for the apartments in Remax Imobiliare’s project, according to data from the fund. The fund, managed by Tri Investments, has been buying residential properties in Romania in the last period. At the end – last year, the fund has bought a residential project in Cernica, which will feature 200 apartments. Last year, the fund has also acquired Perla Residence, a EUR 12.8 million development in Bucharest, due to be finalized at the beginning of 2009.
Remax Imobiliare announced it would put EUR 10 million in the building which will host housing units and office space downtown Bucharest, close to Romana square, according to Esop real estate firm. The building will feature 69 apartments which should be ready by mid-2009. The building totals 13,000 sqm of built area, with residences covering 9,500 sqm and offices, 3,500 sqm.
Future Group is also working on various projects in Romania, such as Green Park in Iasi, with an investment outlook of EUR 120 million. Future group is planning an Initial Public Offer (IPO) on the Bucharest Stock Exchange (BSE). The company has previously developed projects such as Sitraco Center, Golden Tulip hotel in Bucharest and Sinaia Hotel. It currently has over EUR 1.2 billion of investment commitments worldwide, with the biggest projects to be developed in Spain and Israel.