Rotary has real estate projects worth €300 mln

The first project includes the construction of a 125 meter 32-storey office building. This is to become one of the tallest buildings in Bucharest and requires a €100 mln investment. The project is located in the northern Bucharest Pipera area. The company is engaged in ongoing discussions with several investors for the project’s co-financing and does not rule out bank loans, according to Rotary Constructii’s Development Manager, Daniela Moraru, for Business Standard. “We hope to begin construction next spring, once we have obtained construction permits,” she added.

The second project will be developed as a public-private partnership on a 16.2 hectare plot belonging to the Defense Ministry. Another company, Isorast Tehnology, will also participate in the project. Rotary will build 2,000 apartments for Defense Ministry employees. The selling price will be €715 per square meter, significantly below market price. “Talks for this project took some two years and were finalized in July. Construction work will start once we obtain authorization, scheduled for the first half of next year,” Rotaru said. The total value of this investment is €210 mln, of which Rotary will contribute €120 mln.