Engel to spend 80m euros on real estate project

Israeli group Engel will invest 80 million euros in a real estate project that will consist in 500 apartments and retail space in Constanta, according to Citigate Dewe Rogerson, the company promoting the project. This is the second project announced by the Israelis within the space of a week. Engel real estate intends to also develop a project estimated at several hundred million euros in the central part of Romania, according to company representatives. The project will be carried out together with the owners of the land, after Engel East Europe NV, the Eastern European branch of the group signed an agreement in principle with them. Engel East Europe will build apartments with a cumulated surface area of 50,000 square metres, and the parent company, Engel Europe, will build a 10,000 square metre shopping centre. “Our starting of a second project in Romania is due to our company becoming heavily involved on the residential market of Central and Eastern Europe and has to do with the potential of the region,” says Jacob Engel, chairman and founder of the Engel group.