Goldale Limited, a company of the Tiriac group and the Spanish developer of real estate projects Riofisa Internacional have increased the share capital of Goldale Real Estate by almost 10 million euros, according to data from the Official Gazette.
This move is meant to partly cover the funding of a commercial project developed in Timisoara.
Goldale Real Estate's share capital as a result increased from 2,000 euros (7,000 RON) to 10 million euros, by means of an equal contribution from the two shareholders of the investment vehicle.
In May this year, Goldale Real Estate acquired a slaughterhouse in Timisoara, where it will develop a commercial project, which requires an investment estimated at some 80m euros, according to statements made by representatives of the Tiriac group and published by the local press.
The capital increase was made by means of a cash contribution from the two partners and by the issuing of shares.
Riofisa representatives announced their intention to invest in Romania as early as the beginning of the year, attracted by the growth potential of the real estate market. The Spanish company has had a strategic agreement with the Tiriac group to develop real estate projects in Romania since the autumn of 2005.
Businessman Ion Tiriac is one of the biggest landowners on the Capital market, owning, both directly and indirectly, plots with a total surface area of up to 150 hectares. Tiriac has discreetly developed a vast real estate empire, most of which is located in the North of the Capital, near the Otopeni Airport, where the businessman owns 100 hectares of land valued at around 100 million euros, according to estimates made by sources from the real estate market.
He owns other plots in the Gendarmerie area, also in the North of the Capital, close to the Bucharest - Pitesti highway (in the Western part of the
