150m-euro Spanish investment in real estate

Spanish real estate development and constructions group GEA Prasa will build 550 luxury flats in the Lacul Tei area in Bucharest in a 150 million-euro investment, a release of the group shows. The works on the complex in Lacul Tei, the first major real estate project developed by the Spanish group on the domestic market will begin this spring. They are scheduled to be completed in 2008. The project will be developed by GEA-21, also registered in Spain and held by GEA Prasa. “The new initiative is part of the international expansion policy of the company from the Cordoba region, which will focus on the Portugal market and on entry to new Eastern European markets with major urban development projects in Poland and Romania,” the release adds. ZF