Israel's Engel announces third real estate project in a month

Engel East Europe, the Eastern European branch of Israel’s Engel group, is going to invest in a 500-apartment real estate project, in the Pipera area of the capital city, according to the Citigate DEWE Rogerson company, which is promoting the projects. The Israeli group has signed a contract for the acquisition of three plots of land for 4.6 million euros, on which it is to develop a real estate project of approximately 55,000 square metres, with the total surface area of the three adjacent plots standing at 23,000 square metres. The firm expects the sale price of the project, located close to a lake, to be of around 60 million euros. This is the 3rd real estate project on the Romanian market the Israeli group has announced within a month. Engel Real Estate also plans to develop a project put at several hundred million euros in the central region of Romania, as well as in Constanta, where the company is set to invest 80 million euros in a 500-apartment real estate project and in commercial space in Constanta.