Tagor will also expand its partnership with Patron Capital, after doubing the investment in Romanian residential and retail properties from EUR 56 million to EUR 112 million.
The two companies are working in Romania through Korbein Corporation, in which their local subsidiaries, Tagor Eastern Europe and Patron Pipera Realty, own 25 and 75 percent, respectively. The two companies partnered for Romanian developments last year, controlling 58 hectares of land.
The joint venture holds a 1.7-hectare former factory site in the western city of Oradea, and a 3-hectare site in the southern Bucharest suburb of Bragadiru, plus other sites, according to data from Patron. The strategy is to buy already zoned land or sites located near ongoing infrastructure development and to increase their value, later exiting through the sale of individual sites to investors in residential, according to official company data. Patron and Tagor have purchased 24 land sites totaling 56 hectares outside Bucharest in the Bucharest-Brasov highway corridor.