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Floreasca City, officially launched yesterday by Raiffeisen evolution

The total investment will amount to approximately EUR 250 M.

BUCHAREST – Raiffeisen Evolution (RE) officially launched its Floreasca City project on the Romanian real estate market, yesterday. ‘The project will be developed in two phases, the first one including two office buildings and a retail area. One of the two office buildings – the Sky Tower, will be the highest such building in Bucharest, with 37 floors and 131 metres height. The second office building, called the Office Wing, will be built on top of the shopping centre. The two will have a cumulated area of 90,000 sq m and will meet A plus quality standards applicable to office buildings,’ Ionel Giuglea, Managing Director of RE project development stated. The Promenada shopping centre will have an area of 50,000 sq m, over 135 boutiques and 1,100 car parking spaces. The second phase of the development will consist of a third building the occupancy of which is still to be decided when the market survey currently in progress is over. The total constructed area of the project will be 140,000 sq m. The building work will start in Q2 of this year. The estimated delivery term is the end of 2010.The total investment is estimated at nearly EUR 250 M. Projects in the pipeline: real estate project at Straulesti and residential neighbourhood in Balotesti Raiffeisen Evolution seeks to develop a real estate project in a value of EUR 600–800 M at Straulesti, near Petrom City, to be completed between 2011 and 2016, said Monica Barcutean (photo), Managing Director or RE Project Development in charge of marketing and leasing. According to her, Petrom offered 100,000 square metres for sale in Straulesti, near its future headquarters Petrom City, which Raiffeisen Evolution bought in December 2007 in an auction. ‘We do not know what the final occupancy of the real estate development will be. We have ordered a market research which is now in progress. Based on its outcomes, we will make our decision,’ Barcutean said. Raiffeisen Evolution will also build a condominium in Balotesti, in a value of EUR 30-40 M, on three hectares of land. The project will include 170 dwellings: detached villas and houses of up to three apartments. Each dwelling unit will have an area between 90 and 160 sq m. ‘We hope to finalise the project by the end of 2010 or before the middle of 2011 at the latest,’ said Barcutean. Raiffeisen Evolution Project Development is a developer active in Central and Eastern Europe based in Vienna. The company develops 44 different projects with a total area of 1.2 million sq m, and total value of EUR 1.7 bln, across all the segments of the real estate market. Raiffeisen Evolution Project Development is held by two of companies belonging to the Austrian Raiffeisen Group (Raiffeisen Property Invest and Concorde Project) and by Strabag. Sursa: http://www.nineoclock.ro

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