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EFG to invest €1.9 bln in a real estate project in Bucharest

British real estate developer European Future Group (EPG) will invest €1.9 billion in a real estate project near Bucharest.

The complex, located in Buftea, will have 30,000 apartments and homes. The project's value is higher than that of Baneasa Investments, considered to be the largest real estate project in Romania. EFG bought several pieces of land in Ciocanesti and Buftea , a village and a small town close to Bucharest, with a total area of 150 hectares. 'The investment needed for the project will be covered from our own funds and bank loans. We are working with Raiffeisen Bank. The complex will be built over a period of seven years,' according to a statement for Business Standard by Jeff Kirby, CEO and main shareholder of EFG. The project is for medium-class families (monthly income of €2,000 ) and medium-plus-class families (monthly income of €5,000). According to Kirby, the complex will be built by a joint-venture with Turkish construction company Ozer. Moreover, he added that Buftea train station is due to be reopened for rail access. EFG collaborates with Austrian fund Immoeast on projects worth €430 million. The company is developing a real estate project worth €240 mln in the city of Brasov, and a project in Baneasa, in northern Bucharest. Sursa: http://www.rompress.ro

Tags: project estate bucharest

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