Tipografia Universal plans real estate project of EUR 500 million
21 April 2008
The owners of the Tipografia Universul printing house in Bucharest have acquired 100,000 square meters of land from businessman Ioan Neculaie, site of the Prefa Brasov factory, for some EUR 50 million, and will begin construction of a complex this fall to include 10,000 apartments and commercial space, worth EUR 500 million.
''The project will include ten tower buildings of 20-30 floors, commercial space, and probably a hotel, with a total constructed surface of 600,000 square meters, of which 500,000sqm will be for residential use. Work will begin in September and involve three stages, and is scheduled to be completed in 2013,'' said Jonathan Mann, major shareholder of Universul, for Business Standard.
The financing of Universul’s first real estate project will be made with a Piraeus Bank loan and own company sources, added Mann. Mann came to Romania in 2001 and acquired the majority stake of Tipografia Universul in 2006. He is also carrying out real estate projects in Bulgaria and the Republic of Moldova.