Askar Capital to develop EUR 150 million residential project
08 February 2008
Askar Capital, a company from Iceland, recently acquired 4 hectares of land in Bucharest, on which it intends to develop a residential project worth EUR 150 million. According to Florin Bancila, Romanian manager of Askar Capital, the company has a further EUR 150 million in equity for other real estate projects. Construction will begin in six months and will last three years.
Bancila said that the apartments are for middle upper class families, with incomes ranging from EUR 1,000 - EUR 5,000. He added that Askar Capital will focus on real estate, and plans to expand to other cities, such as Timisoara, Arad or Constanta.
Last year the company announced its plans to begin construction on a real estate project worth EUR 340 million. Askar Capital has offices in Reykjavik and Luxembourg, and has opened a third in Bucharest, which is due to coordinate its business in Eastern Europe.
The company develops real estate projects in the United States, France, India and the United Arab Emirates. Askar Capital is controlled by Icelandic company Avant and businessmen Gudmundur Arason and Gudmundur Olason.
The company announced plans to invest EUR 500 million in real estate over the next three years. Its main competitors are Israeli company BSG, Globe Trade Centre, and Baneasa Investments.