2m euros for milk plant in Valcea

Spanish group Invarsa, owned by businessman Alfonso Cadaval, which has recently launched a real estate investment project worth 40 million euros in Bucharest, is to diversify its investment portfolio by entering the dairy industry. Five Continent, the company that the Spanish investor owns jointly with a Lebanese firm, has poured almost 2 million euros in the modernisation of a milk plant located in Valcea county. Invarsa Spanish holding has bought a 10m-euro piece of land in downtown Bucharest to kick-start a luxury apartment construction project with a value ranging between 25 and 30 million euros. The Spanish bought an area of almost 200,000 square metres in the vicinity of JW Marriott Hotel of Bucharest, as well as in another central location of the capital city. The Spanish are planning to build about 1,000 apartments annually, with construction works due to start next spring. ZF