The three projects are due to be developed in partnership with the Coltex and the Hungarian SCD Group companies, and Fabian now estimates these will be finalized in 2011-2012. The residential project development strategy in western Romania has been changed, to reduce operational and financial risk, adds the quoted report. The Oradea and Satu Mare projects were due to be started in the first quarter of 2009.
The market value of real estate projects and properties involving the British fund in Romania, including debts, rose 1.4 percent in the third quarter, to €136.6 million, from €134.7 on 30 June, states the report. According to Fabian, the value calculated might not exactly reflect current conditions in the Romanian real estate sector, because there were few transactions, leading to an unclear view of market aspects for DTZ Echinox, which evaluated the fund’s assets. Fabian is involved in 11 real estate projects in Romania.
