The company is presently developing two residential and two logistics projects, and is maintaining its investment plans for 2009, considering the company now has liquidity after selling a logistics park in September 2008. “We sold the UTA1 park to the British NBGI private equity fund for €30 million. We have no problems with accessing loans, because we can put up our warehouse and assets as collateral if necessary,” said Florin Mos, the group’s Marketing Manager. ARED planned €400 mln worth of investments in real estate projects in the coming five years.
ARED has 200 apartments for sale in Arad, of which 100 will be available in the coming five months. In the past two years the company sold 500 units in its developed projects. “The sales rate was 15 apartments per month in the past four months, half of the level registered in the first half of 2008,” Mos added.
