ECDC: 85m-euro profit from real estate

British investment fund European Convergence Development Company (ECDC), which holds 50% in Asmita Gardens and Cascade Euro Tower real estate projects, forecasts profits worth around 85 million euros for the investors from the sale of the two projects. According to ECDC estimates, the sale of the two real estate projects will fetch investors total revenues worth over 215 million euros, with the funds allocated for the construction standing at 130 million euros. The Asmita Gardens project, in which the investment fund purchased 50% in 2006 through an investment estimated at 8.8 million euros in September last year, is now under construction in the Splaiul Unirii – Calea Vacaresti area of the Capital, and will include 788 apartments. The Indian group Asmita is developing the complex. The investment is estimated at 109 million euros, with revenues from the sale of apartments forecast to amount to 162.2 million euros, according to a report that assesses ECDC.