The company's second project in Romania, located in the Stefan cel Mare locality in Bacau, will total 2,000 apartments, according to Mediafax newswire quoting company representatives. Some 686 apartments will be built in a first phase, with works scheduled to start in July this year.
Martinsa-Fadesa is planning two other residential projects in Bacau county, in Serbanesti and Marasesti, to deliver 1,400 units. These two projects bring the number of apartments planned by the company for Romania to 11,000.
The company owns 150 hectares of land in Romania, according to data from 2007. Its land bank here represents 13 percent of the land acquired outside Spain, its home country.
Martinsa-Fadesa was created last year through the merger of Promociones y Urbanizaciones Martin and Fadesa Inmobiliaria. The latter announced at the beginning of last year a EUR 1 billion budget for five real estate developments in Romania.
The real estate developer used to indirectly control local wood producer Diana Forest Bacau, which was sold to Polish Berlinek for EUR 23 million.