Tallest real estate complex in Bucharest to cost 220m euros

Cefin Real Estate Romania, the local branch of Italian company Cefin Holding, is to develop the highest real estate complex in Romania in the Capital, which will comprise a 36-storey office building, retail space and hotels. The initial investment for this project has recently been increased from 150 million euros to 220 million euros. “We have increased the value of the investment because we have increased the office space from 20,000 square metres to 40,000 square metres, and have also expanded the area for shopping space. A parking lot taking up two stories will also be built,” stated George Margescu, general manager of Cefin Real Estate. Cefin has already closed a pre-emption agreement with the Austrian investment fund Europolis for the project, a decision that is part of the company’s strategy to form partnerships with real estate funds. “We have closed an agreement whereby the Austrian fund will acquire the project after its completion. Cefin signs this type of contract for all the projects it develops,” stated Stefano Albarosa, chairman of Cefin Holding. The tallest real estate complex in Bucharest will be located in the 2nd sector, on Barbu Vacarescu street, and will have a built surface area of 85,000 square metres, distributed over a five-star hotel, a 125 metre tall office building, and a shopping area.