RomReal now owns 130 ha of land

Real estate developer RomReal, listed on the Oslo Stock Exchange, which announced investments worth 1.5 billion euros in Romania until 2014, posted 64.4% increase in assets to 147.7 million euros and net profit worth 28 million euros last year, double the level in 2006, as a result of the reassessment of the plots of land it owns in Romania, the annual report of the company reveals. The Norwegians now own 19 plots totalling over 1.3 million square metres in Constanta, Mamaia, Bucharest and Brasov through 11 subsidiaries, of which Westhouse Group is the largest. At the end of last year RomReal announced it had started to buy land in 2005, when land prices were much lower than they are now. This increase in land prices is what will drive the Norwegians to buy land outside Bucharest, after all. Westhouse Group started to develop three residential projects in Constanta county in 2007 in which it will invest about 50 million euros to build 500 flats.