- It has acquired SC Parnu Real Estate SRL, proprietor of an 8,394 m2 plot in Bucharest.
- It will build up to 260 homes with parking spaces and storage rooms.
REALIA (controlled by FCC and Caja Madrid) has bought SC Parnu Real Estate SRL, proprietor of an urban plot in Bucharest's upmarket sector 5, for 12.2 million euro. This is the real estate company's first development in Bucharest. A total of 25,182 m2 can be built on the 8,394 m2 plot.
The project includes the construction of a gated community of between 240 and 260 homes with parking spaces and storage rooms. Buyers may choose between studios and one- and two-bedroom apartments. Construction is set to begin between the fourth quarter of 2008 and the beginning of 2009, as all of the paperwork has been submitted and approved.
This project confirms REALIA's focus on Romania, one of the countries with the greatest real estate potential in Eastern Europe. Romania also has very good growth prospects: according to estimates from the National Commission for Forecasts, GDP will increase by 6.3% in 2008.
International expansion
This project is part of REALIA's internationalisation plan. REALIA has already invested 1,100 million euro in France, mainly in the purchase of SIIC de Paris, and in extending its portfolio of buildings in central Paris. The company also has investments in Portugal, Poland and Romania.
A diversified company
REALIA is one of Spain's leading real estate companies, and has been listed on the Stock Exchange since June 2007. The company, managed by Ignacio Bayón, is primarily involved in leasing office and shopping centre space, residential building and land management.
