New entries in real estate mix with investors in land

Newsroom 17/11/2008 | 17:07

The developer says it hasn't yet started work on the projects due to delays in receiving the construction permits, triggered by the local elections this year.
The Spanish developer hasn't been affected by the crisis which has hit other Spanish developers, as it was not in debt, its representatives have said. It actually holds liquidities, which offers the developer the chance to start the project using its own equity and to continue with loans.
Another Spanish company, Gea Prasa, which bought oil factory Muntenia for some EUR 30 million, is also underway with its investment in the housing project which it is planning to build on the site.
It hopes to start construction works next spring, and is awaiting approval permits. The Spanish firm was looking to buy other plots of land, after having invested EUR 120 million so far in plots in Bucharest and Constanta.
Gea Prasa is a new entry in Business Review's Top 100 foreign investors from last year, while Gran Via ranked 43rd in last year's ranking.
Real estate investor DEGI ranks 88th in the top and is a new entry this year, after having bought Millenium Tower, PGV Tower and Construdava office buildings. Meanwhile, the German fund has also bought the Iris Shopping center project in Bucharest.

Corina Saceanu

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