Businessman Stefan Vuza, who owns Serviciile Comerciale Romane (SCR) group of firms (annual turnover worth 350m euros), says his real estate operations will generate revenues worth 100 million euros this year.
"SCR owns around 520 hectares of land around factories, with 70% having an industrial value because they are on an industrial platform," states Stefan Vuza.
The businessman says he plans to develop several real estate projects on the land owned by Serviciile Comerciale Romane, namely build four hotels, which will be affiliated to an international network, as well as housing districts, which will include luxury blocks.
One such project entailed the sale of 4 of the 12 hectares of land belonging to Iasitex, on which the businessman plans to a develop a shopping mall surrounded by luxury blocks, with investments earmarked at around 7.2 million euros.
On around 3.7 hectares of land, owned by SCR's Contactoare (a Buzau-based manufacturer of low voltage equipment), a new mall could be built in partnership with a Romanian developer, an investment expected to reach around 3m euros, or alternatively negotiations could be held with an investment fund to take over the land. The four hotels Vuza plans to build will be located on land belonging to Uzuc- Ploiesti (3 hectares), Nova Textile Bumbac- Pitesti, Caromet -Caransebes (22 hectares) and Sinterom-Cluj-Napoca (7 hectares).
According to Vuza, the value of assets in SCR's portfolio last year amounted to over 1bn dollars (674m euros) and is expected to reach 1.75bn dollars (1.18bn euros).
Serviciile Comerciale Romane group last year generated turnover worth 511m dollars (345m euros), up around 33% from the previous year, with an 11% profit margin, namely 56m dollars (38m euros) for the overall group.
"Turnover should go beyond 700m dollars this year due to planned investments in bu
