The Esplanada real estate project to be located in the Unirea Blvd area of Bucharest is set to turn into a commercial and business centre worth more than 350 million euros. It has thus attracted interest from numerous developers, financing institutions and Romanian businesspeople.
Over 40 investors have bought the task book for the project, including big real estate players such as TriGranit and GTC International, sources close to the project told Ziarul Financiar.
The land where the centre will be built (across the street from the Connex headquarters) belongs to the Ministry of Transport, which in April started procedures to close a public-private partnership with an investor or an association of investors.
The task book for the project was sold to the interested parties in April, while developers and funding institutions should submit the letters of intent before July 15, 2004.
Esplanada is Romania's biggest real estate project ever.
The total area of land awaiting the future developer stands at around 110,000 square metres, while the Ministry of Transport estimates that the total surface to be constructed will be of more than 330,000 square metres. The land is worth some 26.57 million euros, with the constructions to be worth 350 million euros.
Among the big developers, the companies that voiced most interest were TriGranit, part of the real-estate giant Trizec Hahn, and GTC International, the real estate division of Israeli financial group Kardan.
"We are looking into several development opportunities for Romania. The public-private partnership with the Ministry of Transport, in the Unirii area, is one of them," Todd Cowan, general manager of TriGranit Development Corporation, one of the biggest real estate companies in Central and Eastern Europe (headquartered in Buda
