200m-euro Lithuanian investments

Europa Group Investment, which represents Lithuania-based Investment Baltic Estates in Romania, will carry out several real estate projects in Bucharest estimated at 120-160 million euros. “We bought plots of land in four areas of the capital city where we will be carrying out three residential products and a hotel project, put at 120-140 million euros. We want to have other projects on the residential market in Bucharest, which could push the total investments up to 200 million euros,” stated Sergey Cicala, operational director of the Europa Group. The most important project of the company, estimated at 60 to 90 million euros, will be developed in the Splaiul Independentei area, comprising homes, office spaces and commercial centres. Europa Group secured construction permits for 104 flats in the Parcul Carol (Carol Park) area, close to Piata Unirii. Another project for more than 100 homes worth 18 million euros is now being drawn up, and will be developed in the Popa Tatu area. The projects will be completed in 18-24 months following the initiation of works. The company also wants to renovate or recondition a building in the historical centre of Bucharest, close to Piata Unirii, for a 50-room four-star hotel, an investment demanding 16-18 million euros. ZF