The residential compound will feature around 200 homes and be worth some EUR 10 million in investment with construction works scheduled to start this April. The compound will include six buildings with eight to ten floors each, totaling some 18,000 sqm of built area. It should be finished in a year and a half.
The firm has also purchased a 40,000-sqm plot in the Pantelimon neighborhood of Bucharest where it plans to build approximately 1,100 apartments with an investment of around EUR 80 million. Work on the project in Bucharest should start in four to five months, according to company representatives.
In the middle of last year, the company announced a EUR 100 million investment in a residential compound close to the Botanical Gardens in Bucharest. The project, on some 35,000 sqm, should include between 900 and 1,100 apartments.
BSR Europe is also currently working on the West Park project, which required EUR 35 million in initial investment. The project was acquired last year from developer Rom Canada for some EUR 14 million. Located in the western part of the capital, it will feature over 900 apartments. The total investment is scheduled to reach roughly EUR 60 million.
The company has recently announced the sale of several assets in its portfolio to AFI Europe, an Africa-Israel Properties subsidiary. The transaction won't include properties in Romania, only assets in Latvia, Poland and Bulgaria, company officials have said.
According to international media, BSR Europe reached an agreement with AFI Europe for the sale of properties around Europe totaling approximately EUR 135 million. Although company officials ruled out the possibility of selling Romanian properties, when the transaction was reported to Tel Aviv stock exchange, selling Romanian properties was among the options.
BSR Europe is the European division of BSG Engineering & Development, whose main shareholder is businessman Eitan Eldar, the owner of developer Euro Habitat. The latter has invested EUR 70 million in Planorama residential compound in Bucharest.