Conarg plans to invest €210 mln in real estate projects

The first project, called Rasarit de Soare (Sunrise), is located in the Titan area of Bucharest, near French Auchan shopping center, to have 988 apartments and a constructed surface of 85,000 square meters. “The investment for this project amounts to €60 million and its market value upon completion will be €75 million,” said Valentin Visoiu, President of Conarg. Raiffeisen Bank will finance 70 percent of the investment, and the project is expected to be completed in 2010.

“We also have a budget of €150 million for two other projects which will have some 2,500 apartments. The first is Quadra Place 2, located near west-central Politehnica Park in Bucharest, and the second will be located in Bucharest’s southwestern Sector 5," said Visoiu. Work on these two projects will last three years.