Romania: Bank of Piraeus estate unit invests 8 million euro($12 million) in Bucharest plot for development

Euclid Infotech - Construction News/Euclid Infotech
Date: December 5, 2007

Greeces Bank of Piraeus said its unit Trieris Real Estate Management has completed the acquisition of a Romanian special purpose vehicle which controls 50 pct of a 343,000 square meter plot of land for 8 million euro ($12 million). The land is situated at the northwest suburb of Bucharest called Crevedia. Trieris Real Estate , the fund that TREM manages, plans a residential development also supported by commercial usage. The total planned investment for the land and construction is estimated at 160-million euro ($236 million) and will be completed within 3 years. Trieris will build villas, semi-detached homes and maisonettes as well as some spaces for commercial use and the total construction area is expected to be 183,00 square meters. Bank of Piraeus established Trieris in 2006 as an international real estate fund to manage property investments in Greece and southeast Europe.

Date: 2007-12-04
Source: Forebs