Marina D”Or puts off its first project in Romania

The Spanish company opened a Romanian office in 2007 but has made no acquisition on the local market so far. “We target the residential segment in Romania and we are interested in signing partnerships with the land owners. We budgeted up to EUR 600 million in residential projects in Romania but we will not pay more than EUR 100 million for the land,” said Staniloiu. According to the company representative, this situation is common to all the developers on the local market which have changed their plans due to the international financial instability and because of local land prices.
Marina D'Or is present with ongoing projects in six countries of a total of 23 where the company has opened offices. In Spain, the company says it has sold 11,500 residential units worth more than EUR 600 million. The firm also has operations on the hospitality segment, operating 7,000 accommodation spaces in Spain, but has not expressed any intention to enter on the Romanian hotel market.
Marina D'Or has Spain-based properties evaluated by real estate advisory firm Jones Lang LaSalle at EUR 7 billion.

Magda Purice