S+B CEE JV to invest EUR 300 million in real estate projects
03 June 2008
The S+B CEE joint venture plans to invest EUR 300 million in several real estate projects this year in Romania. The JV is made up of Austrian S+B Gruppe construction company and the Immoeast investment fund, the largest player in the local real estate investment market.
The largest project of a EUR 220 million investment will be developed in the central Romanian city of Sibiu. In the first phase a 38,000 square meter mall will be built. Office space and some 600-800 apartments are to be developed in the second phase, the company’s marketing manager, Corina Rosu, told Business Standard.
The company will also begin construction of a EUR 50 million office building in Otopeni, north of Bucharest. The JV will further invest some EUR 20 million in four Stop-Shop commercial centres in northern Romanian cities. Once completed, all projects will be sold to Immoeast.
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