Marius Ivan, one of the founders of paint and varnish producer Dufa Romania (Dufa Deutek), plans to invest 1.5bn euros in the coming years in real estate projects in several Romanian cities together with his Irish partner Tom Quinn through Creativ Global Property company.
Ivan will launch a 700m-euro project in Bucharest and subsequently develop projects in Brasov, Cluj and Iasi, reads Business Construct monthly. Funds for development will come from banks and the businessman's own resources.
"So far, we've invested over 100m euros to acquire more than 200 hectares of land in Bucharest, Cluj, Iasi and Brasov, where we intend to develop real estate projects, with the biggest project located in the Pipera area of Bucharest," stated Ivan. Most projects will be office spaces, but the company's officials are also considering the acquisition of some finished projects.
The company's biggest investment will be Pipera City mixed project, scheduled for 2011 in the wake of investments worth 700m-euro, the project will include 200,000 square metres of office and 30,000 square metres of commercial space, as well as over 800 housing units.
The 12-hectare plot of land was acquired in 2006 for around 40m euros. The company has so far managed to attract loans worth 80m-euro from Bancpost, to complement its about 30 million-euro capital. "These funds are sufficient to develop the first part of the project," specifies Ivan.
The real estate market will continue to grow due to higher investments and incomes, which are boosting consumption.
Ivan says that he has received a lot of offers for Pipera City, but no decision has been made whether other shareholders will be attracted.
The company has already invested 21m euros in North Gate Center office project in Pipera, with a lettable area of 21,000 square metres, and Ivan does not consider exiting t
