Niro demolishes Europa complex to build second Chinatown phase

Newsroom 10/06/2008 | 15:56

This is the second phase of Niro's Chinatown project, after EUR 150 million have already been spent on building some other 150,000 sqm of retail. A third phase will follow, to include a hotel, residential units, offices and other types of buildings specific to a Chinatown project. Upon completion, the entire project will consist of 300,000 sqm of retail, 100,000 sqm of exhibition areas, 600 apartments, and a mall, among others.
Niro has recently teamed up Chinese construction company Beijing Urban Construction Group in developing real estate and infrastructure projects in Romania and on other European markets. The Chinese company will be the majority shareholders in the JV, while Niro Group will control 49 percent of the shares. The JV company will be called Beijing Urban Construction Engeneering & Niro and is already negotiating a fist contract with a developer for a EUR 30 million 25-storey office building in the capital city.
Niro Group is controlled by Romanian businessman Dumitru Nicolae, who runs 17 companies in the group active in retail, food production, real estate and capital markets.

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