Fabian’s development profit expectations soar on new project additions

Newsroom 25/08/2008 | 16:02

Back then, Fabian was taking into account only ongoing projects: Cubic Center, New Town, Lakeview and a residential project in Timisoara.
Meanwhile, the fund has embarked on three new projects, in Bucharest, Satu Mare and Oradea, which are together expected to bring a EUR 6.4 million development profit.
Its expected profit from Cubic Center projects has gone from EUR 4.4 million at the end of last year to EUR 4.3 million, while its New Town project is expected to bring it only EUR 7.5 million, compared to the EUR 8.1 million estimation last year. The housing project in Timisoara should bring it up to EUR 1.2 million more than last year’s estimations, some EUR 6 million in development profit, and the Lakeview project EUR 9 million, on the EUR 8.9 million expected last year. The profit estimates were calculated by DTZ.
Fabian holds participations in 11 projects in Romania, some of which are developed in partnership.
Fabian’s share of their market value is EUR 134.7 million, according to the company’s most recent report. At the end of last year, its share of market value was EUR 119.1 million. Among the projects whose value have increased the most in the meanwhile are Lakeview, which has appreciated from EUR 10.5 million to EUR 15.6 million, and New Town residential project, from EUR 20.7 million, to EUR 23.9 million, according to data from Fabian. The two projects are expected to bring Fabian the biggest development profits, EUR 9 million and EUR 7.5 million respectively.
New Town residential project is being built in partnership with Mivan Development, and Lakeview offices in a JV with AIG Lincoln.

Corina Saceanu

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