Projects will be developed through the use of investment vehicles, in which Wessman has a 50 percent stake, through Salt Developments. The remaining share is administered by a group of Icelandic investors.
“We decided to come to Romania because there are many opportunities in the real estate sector. We intend to develop residential and office projects, worth a total €200-300 million. We are negotiating with several banks in Romania for the financing of these investments,” according to a declaration for Business Standard by Danny Beydoun, one of the shareholders of Jad Property Management, company which administers the local real estate portfolio of which Salt Developments has 50 percent.
Actavis, which took over the Sindan oncological drug producer in 2006, is the largest local pharmaceutical exporter, with a 2.2 percent market share, in terms of annual sales worth €1.8 billion.
