Upon completion, the total value of the projects should reach EUR 100 million. REDS is planning to put EUR 15 million into a residential project called Baneasa Lake, which will comprise 73 apartments in the Baneasa area of Bucharest. The project, to be located on 8,500 sqm of land, will be completed in 2009, and is expected to be worth EUR 20 million upon completion.
REDS is also planning a mixed use project located on Splaiul Unirii in Bucharest's city center, some 32,000 sqm of offices, retail, apartments and a hotel.
This second project, set to require EUR 45 million of investments, should be completed in 2010, according to REDS. When ready, it will be worth EUR 80 million.
The Greek company is investing in Romania through CLH Estate and Profit Construct. CLH Estate bought a 8,500-sqm plot in Baneasa in February last year. Last year, REDS indirectly bought a stake in Profit Construct, which owns the 6,000-sqm plot on Splaiul Unirii. Earlier this year, Profit Construct acquired Dambovita Real Estate and now owns 8,000 sqm on Spaliul Unirii.
Romania is REDS's second largest market, after its home country of Greece. Its sister company, construction firm Aktor, is working on several projects in Romania.