Two more former Astral owners take to real estate

The mirage of the real estate market has spread to yet two more former shareholders of the Astral company, Dorel Goia and Horia Ciorcila, who together with two partners established the real estate investment company SPO, investing some of the money collected from the sale of Astral into real estate projects.

The first such project undertaken by SPO is the development of a residential complex, with the value of the investment standing at over 8 million euros. According to the data provided by the officials of the company, the residential project should be completed by the end of the year; 90% of the flats have already been sold. “We are building two blocks of flats of 7,500 square metres each. Work on one of these buildings has already reached the final stage and the second is to be finalised by yearend. We preferred to take care of the sale of the flats ourselves, instead of turning to a real estate agency, which helped us keep the sale price per square metre lower,” Dorel Goia told ZF Transilvania. SPO is held by four shareholders, three of whom, Dorel Goia, Horia Ciorcila and another businessman own 30% each and the fourth partner owns 10%.

Besides the residential segment, Dorel Goia and Horia Ciorcila are majority shareholders in other real estate investment company, Omniconstruct, which has recently completed an office development, Maestro Business Center. The office building funded by Omniconstruct”s shareholders has a built area of approximately 10,000 square metres and a 3,000 square metre car park. Its investors say that 70% is now rented.

“Our intent was to rent the building to a single company, but there are no such large investors on the Cluj market. We even dropped the idea of renting an entire floor, because we could not find tenants for it, either. In the end we compartmentalised each floor ourselves and have 2 or 3 companies per floor,” Goia stated. anca.rif@zf.ro