The Cristescu brothers launch 80m-euro real estate

Romanian businessmen Emil and Marius Cristescu, shareholders in approximately 30 companies based in Timisoara as well as in other cities in the country, will launch offices and industrial spaces that take up approximately 180,000 square metres, estimated at a value of over 80 million euros. “We will launch office space of about 20,000 square metres and industrial space of 100,000 square metres in Timisoara, as well as office space of 10,000 square metres and industrial space of 50,000 square metres in Bucharest,” said Marius Cristescu. The construction works for the offices and industrial plants entailed an investment worth over 80 million euros, according to representatives of the real estate company DTZ Echinox. “The construction costs of 1 square metre of office space range between 600 and 700 euros both in Timisoara and in Bucharest, while the costs for an industrial space range between 350 and 400 euros for 1 square metre,” said Rodica Tarcavu, the manager of the industrial department of DTZ Echinox. The Cristescu brothers will invest 40-50 million euros, this year, in several companies in which they hold shares. The brothers own stakes in approximately 30 companies operating in at least seven economic fields that include oil drilling, car manufacturing, transportation, tourism, construction and real estate.