Skyscraper in Bucharest acquired by an UK building society.
Property associations, building societies and banks from UK and wider EU are investing in a wide range of commercial and industrial property opportunities in Romania. A good example of a large investment was provided in July 2006 by the British building society “European Convergence Property Company”, which bought a 19-stories high building, the Millenium Business Centre, currently being built in the centre of Bucharest. Although the project is not yet finished, the company was happy to pay upfront 20% of the estimated final price of 40 million euros, with the other 80% to be paid on completion of the project.
ECPC is not a novice on the Romanian investment market. The Millenium Business Centre is in fact their third such investment of their portfolio, following the PGV Tower and Construdava buildings, both projects located in Bucharest.
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Posted: November 11th, 2006 under Property Development.
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