Panculescu had previously worked in the consultancy area while general manager with Eurisko real estate agency. Thames Property Development is currently working on several consultancy projects on the hotel market, on consultancy for three office buildings in Bucharest and a shopping center elsewhere in the country, according to Panculescu.
Westhill has planned to build two shopping centers in Romania, Zenith shopping center in Ploiesti, and Crizantema Plaza in Targoviste. Zenith, a EUR 140 million investment from Lewis Charles Romania investment fund, was on track for opening in 2010, while Crizantema was expected to require EUR 60 million in investment.
“The local market is in a state pf expectancy. […] Probably in a few months we will see the first bankruptcies and the acquisition prices will settle with a normal economic basis, to re-start a correct development of the market. We must not forget that the banking system needs to re-launch the mortgage lending within acceptable interest rates for this period,”Panculescu believes.