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Acquisition of 340m euros made by Deutsche Bank on real estate market

A real estate division of the German bank Deutsche Bank set a new record on the relevant banking market through the takeover for 340 million euros of the offices and housing project Upground , underway in Bucharest's northern part.

After finalization, set in several stages throughout next year, Upground will include a building of offices and two towers of dwelling units and a second building of offices in the immediate neighborhood. The project is financed at present through a loan from Banca Romaneasca. Near Barbu Vacarescu Boulevard which limits the area of Tei Lake from Pipera. Tei Lake area is an extremely active area in the residential segment. At present projects such as Laguna Residence or Tei Lake Residences are underway. Upground will cover an area of 44,000 square metres and will include 600 dwelling units and office spaces with an area of 100,000 square metres, according to the initial statements made by developers who estimated the investment at some 260 million euros. The project is developed by the Upground Estates company, owned by British and Greek businessmen, such as Ioannis Papalekas, who was among the shareholders of the City Malll of southern Bucharest through Jaguar Development. The negotiations of the deal which was concluded on Friday lasted 8 months, the business being extremely complex and the longest of the law firm Biris Goran which assisted the seller. Sursa: http://www.rompress.ro

Tags: euros