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Actavis invests 300m euros in Romanian real estate market

President of the Icelandic drugs producer Actavis, Robert Wessman, will enter this year the local real estate market with investments worth 300 million euros, plus capitals invested in the sector of cereals production.

The projects will be developed through investments vehicles which Wessman holds a 50-percent stake through Salt Developments, the difference being administered by a group of Icelandic investors. The Icelanders will start this year the fisrt project on the local market in Bucharest in the residential and office sector on an investments worth 50 million euros. The project is located in Obor area in Bucharest and will include two 24-storey towers of flats, that will be connected through an area of office spaces, with the total built area covering 50,000 square meters. The building will be built on a plot of land of 5,500 square meters and will have an underground parking with four levels with an overall capacity of 476 places. The works will be finalized within 2 years and the flats are targeting middle-high and high class. Besides , Salt Developments aims to purchase through another company, Jad Regal Development, several plots of farm land to start the production of cereals. Salt Developments is part of the Salt Investment group, owned by Wessman and it has three divisions specializing in pharmaceutics, constructions and real estate development. The Icelandic company Actavis is one of the international companies leaders in the production of generic drugs. The Icelandic group purchased in March 2006 the local producer of oncology drugs Sindan following a transaction of 147.5 million euros. The cmaony is , through the oncology plant it has in Bucharest, the biggest drug exporter in Romania. Actavis Romania reported last year a turnover of 122 million euros, of which 107 million euros represented the sales on the local market and 15 million euros exports. Sursa: http://www.rompress.ro

Tags: euros through million estate actavis market

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