Raiffeisen Evolution eyes new segments

Real estate developer Raiffeisen Evolution Project Development, a company owned by Austria’s Raiffeisen Group, is planning to expand its operations to cover the entire range of real estate developments, which include residential projects and commercial space, company officials say. Raiffeisen Evolution is one of the main developers on the local market and mainly works on class A office projects. Its most representative project so far is the hotel and office complex Grand, home of the JW Marriott Hotel. “Until last year we invested large amounts of money in the office and retail segments, since these investments offer the fastest returns. The investments that will produce high profits in the near future, however, will be those in residential projects aimed at medium-income people, instead of the luxury category,” said Cristina Lundin, marketing manager for Raiffeisen Evolution. The company is currently working on the Floreasca Tower office building, an investment estimated at some 12 million euros. ZF