Immorent launches first real estate project in Bucharest

Furthermore, the company plans to invest some €100 mln annually to acquire land and develop projects, especially shopping centers, in cities with more than 100,000 inhabitants.

The Bucharest project will be built on 4.4 hectares of land and cover a total 150,000 square meter area, including offices (30 percent) and residential buildings.

Last year, Immorent Romania increased turnover by some 87 percent, up to €53 mln, of which €36.7 mln were income from real estate leasing and the remaining €16.3 mln from equipment leasing.

The company is forecasting a 52 percent increase in business in 2008.