Cotroceni Park to invest 165m euros

Africa-Israel Europe and New Century Holding (NCH) will invest some 165 million euros in a real estate project, developed on a 120,000 square metre plot of land in the Timisoara Blvd area in Bucharest, where they will build a mall and five office buildings. “The project will be built by Cotroceni Park on the former location of the UMEB factory in Bucharest, which was partly demolished. Africa-Israel Europe and NCH each own half of Cotroceni Park shares, by means of which we will make investments in several real estate projects in Romania,” stated Reuven Havar, general manager of Cotroceni Park. The first project that the company will develop is Cotroceni Mall, which will, in the first stage, have a built surface area covering 170,000 square metres and for which investments worth some 100 million euros will be allocated. Lettable area will be of 60,000 square metres. In a second stage of the project, a further 24,000 square metres of retail space will be built, with 20,000 square metres to be rented. For this stage, investments will entail approximately 15 million euros.