At the end of last year, Lundin announced the first Century 21 office in Romania was to open in the near future. Contacted by Business Review, Dumitrescu, one of the founders of local real estate agency Eurisko, would not offer any details. By the time BR went to print, none of the other partners in the business could be contacted.
Dumitrescu recently sold a majority share package in Eurisko to investment fund Fastahead, but still owns 10 percent of the real estate company which he, along with Gabriel Marchievici and Dan Vasilache, set up in 1997.
The Century 21 System has been franchised in over 45 countries encompassing Europe, Latin America, the Middle East and Asia.
The chain's real estate agencies focus largely on residential transactions. The Romanian office is another step in Century 21's expansion strategy in South-Eastern Europe after it opened an affiliated office in Bulgaria last year.
The Century 21 brand is part of the Realogy Group, which includes Coldwell Banker, a firm that recently opened an office in Romania. Blacksmith Embankment Global has bought the local Coldwell Banker franchise.
According to data published by the Franchise Mall, a specialized franchise publication, the total investment in a Century 21 franchise varies between $11,700 and $522,500. The initial franchise fee amounts to $25,000, while the royalty fee is 6 percent.