Works at the 18,000-sqm building, to be called Euro Tower, started in August and should end in a year and a half. The company, owned by Dutch investment fund East & Central European Venture Capital, will finance the investment through a bank loan from Banca Romaneasca and Piraeus Bank.
Euro Tower is the second project developed by Cascade Group in Romania. Its first project, Cascade Offices in the Victoria Square area of Bucharest, was completed in 2005, after a EUR 12 million investment. The 5,000-sqm building went to British investment fund Fabian, which acquired it in 2006.
The developer is planning to start a residential and commercial project in the Eastern part of Bucharest in the near future. Cascade Group is headed by businessman Alex van Bremen.