Irish mogul Michael Whelan to invest EUR 1bn on the Romanian real estate market

Whelan bought many lands in Bucharest and in other cities countrywide, planning to build some 2,000 apartments in the next years.

Whelan's company Moritz announced its investment arm in Romania, Mivan, plans to spent some 300 million euros for developing a new business center in Bucharest and 100 million euros for a logistics park. Some 700 million euros will be spent for building ten commercial centers countrywide.

Moritz assets stand around 500 million euros.

Whelan has a fortune estimated at 130 million euros. He manages investments in Great Britain and he assigned 20 million euros for building the phone and Internet company Digiweb in Louth last year.

Irish business men Derek Quinlan, Sean Quinn, Tony Kilduff, Sean Mulryan and Paddy Kelly also invested in real estate projects in Eastern Europe. Billionaire Quinn invested in Russia and plans to buy the SAS Slavyanskaya hotel in Moscow, investment which could reach to 193 million euros.Ballymore Homes company, owned by Mulryan, intends to spend more than 250 million euros for building a residential area in Bratislava.