Greek Raptis Kavouras buys half of French Village
17 July 2008
Greek real estate developer Raptis Kavouras bought from Romanian businessman Costica Constanda, more than half of French Village, northern Bucharest, for EUR 68 million, the company said.
''We negotiated for two months on the acquisition of the land, in which three other companies were interested in. The deal implies the acquisition of 1.63 hectares for EUR 68 million,'' a Raptis Kavouras executive said.
The company plans to build a luxury apartment complex and, probably, a luxury shopping gallery on the plot purchased from Constanda, with the total investment estimated to reach EUR 75 million. Construction works will start next year and are set to be finalized in three years.
Earlier this year, Constanda took over a 2.8 hectare plot in the French Village, from Bucharest City Hall, in exchange for a park.
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