Hercesa to focus on residential sector

Spanish-based real estate developer Hercesa, which has been present on the local market since 2004, is involved in several residential projects in Bucharest, along with the rehabilitation of the former Cismigiu hotel, which will be transformed into an extended stay hotel.
“We target involment in all the stages of real estate development, which is also the fastest and cheapest way to work,” says Alejandro Solano, general manager of Hercesa Romania, in an interview with Business Construct magazine, a supplement available with ZF.
The Spanish have 21 employees in Romania, with their number expected to rise significantly as works begin on all Hercesa projects. “When we launched operations, there were just four people. At the beginning of February there were 18. In addition, the company has over 500 employees in Spain, who also provide support,” explains Solano.
The company’s most advanced project is the residential complex Vivenda Residencias, developed in the Titan district, on which construction works started in December last year.
The land in Titan was purchased in 2005, and consists of two plots that cover 3 hectares each. Vivenda will house 1,400 homes, developed over several stages.
During its first three years, the company set up its local office, studied the market, and acquired land at a rate of one plot each year.
“In 2007, we started actual construction works and sales for the Vivenda project, whilst this year we intend to launch another two projects,” adds Solano.
In 2004, in its first year on the market, Hercesa purchased the Cismigiu Hotel in central Bucharest, then, in 2005, bought the land in Titan. Acquisitions continued in 2006, when the land of the former Spicul plant in Grozavesti was acquired.
The largest plot in the Spanish company’s portfolio – a 13.2-hectare plot in the Ghencea area of the capital, was purchased in 2007.