The money from the potential sale will be used to fund Future Group's real estate projects in Romania. The company is currently working on residential projects totaling 400,000 sqm, which are in various phases of development and which will require investments of EUR 350 million for delivering 5,000 apartments in four Romanian cities. The most recent project is the EUR 90 million residential compound in Galati.
Future Group is a joint venture between the Rasin and Lasnik families and Oded Goldstein. They have been investing in Romanian real estate for the last 15 years and currently own 1.5 million sqm of land. Their land bank is worth EUR 70 million, according to an evaluation by DTZ. Future Group, whose shares are traded on the Tel Aviv Stock Exchange, has built or has been involved in the development of Sitraco Center office project, Golden Tulip and Sinaia Hotels as well as Europe House offices.
Future group announced earlier this year the possibility of running an IPO on the BSE, and its initial prospects have already been approved by the stock market authorities. The IPO is pending on an improvement of the local stock market, which has been bearish in the last couple of months.