Some real estate investors still cashing in

The UpGround mixed project, of which Papalekas owned more than 50 percent, was sold to the RREEF investment fund, part of the Deutsche Bank group. The businessman already received a €50 million slice at the end of last year and is yet to cash in a further €120 million by next year. The €50 million were for half of a deal estimated to be worth €102 million, consisting in the sale of the first office building within the Sema Parc project, according to market sources for Business Standard. This June, when a second office building worth some €136 is finalized, Papalekas is to receive a further €68 million. Early next year, two residential buildings are to be completed, for which the businessman is to cash in a further €50 million. The owner of the Sema Parc project, Ioan Radulea, ranks second. He is to cash in some €30 million next week, as final payment for two office buildings worth upwards of €100 million. Third comes businessman Dragos Bilteanu, who was also involved in the UpGround deal. He received some €20–25 million at the end of last year, due to an indirect participation worth 20–25 percent in the UpGround Estates developer, and is due to receive a further €50 million. Australian businesspeople George and Andrew Prelea cashed in some €6 million following the sale of a 50 percent share in their South Pacific developer to the U.S.-based Warburg Pincus fund, for a total €30 million. (A.U.)