The top three real estate investors in Bucharest
According to “Banii Nostri” (“Our Money”) magazine, an area equivalent to 3% of Bucharest area is taken by real estate investments.
To begin with, Immoeast, an Austrian-based consortium, takes the first place on the Romania Real estate Market. Immoeast is the leading listed property company in Austria, focused mainly on investments in Central and Eastern Europe. Immoeast owns over 100 properties in Romania, all based around important cities such as Brasov, Timisoara, Cluj, Targu-Mures, and Galati. This whole portfolio investment comes at a price: the total volume of investments of Immoeast in Romania is of approximately €2.2billions.
Baneasa Investments represents the second most successful real estate company from Romania, holding 1% of the capital’s area. Although Romania might not sound like the place for large enterprises, the Baneasa project represents one of the largest projects in Europe with an area of over 1million sqm spread over 221hectars of housing land in the neighbourhood of Bucharest.
Finally, on the third place is Neocity, known for Neocity Towers, one of the first property developments build by the Israeli Group (we will cover them in a future post). The company already invested over €500milions in various real estate projects in Romania, focused on three main sectors: office buildings, commercial buildings and residential ones. NeoPeninsula, NeoResidence, NeoPark, NeoForest and NeoVilla are only a few of the new residential projects of Neocity Group, with plenty more awaiting between the drawing board and the construction site.
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Posted: May 7th, 2007 under Property Development, Reviews.
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