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HEAREF becomes partner in Doraly Commercial Park development

Investment fund HSBC's European active Real Estate Fund (HEAREF) has bought from Gheorghe and Dorina Iaciu 50 percent of the Expo Market Doraly stock, HEAREF informs in a release.

HEAREF investment fund and Gheorghe and Dorina Iaciu will operate and develop the Commercial Park located 8 kilometers from Bucharest.

The Expo Market Dolarly complex is the most important gross sales center in Bucharest. The complex has a built surface of 55,000 square meters, with development plans for another 35,000 square meters. The new programme of development provides the improvement and expansion of the current activities run in this Commercial Complex and is to create new high quality spaces for commerce and storage.

'The acquisition is part of our investment strategy in real estate properties in the zone and we hope this is just the first in a range of important transactions we have in view', stressed Matthew Hunt, the one who coordinated the aforementioned acquisition on behalf of HEAREF.

'The future development of infrastructure in the zone, which will include both the rehabilitation of the old roads and the construction of new ones, corroborated with our own infrastructure development works will improve the traffic to and from the Expo Market Doraly. We wish to make a reference commercial center out of Expo Market Doraly. This transaction is made to our clients' benefit', added Gheorghe Iaciu.

The project is financed by Alpha Bank and Piraeus Bank from Athens through their branches in Romania.

Sursa: http://www.rompress.ro

Tags: hearef development doraly commercial

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