Ozer to invest EUR 100 million in real estate by 2010
26 February 2008
The Turkish Ozer group, which built the Europa House and America House office buildings in Romania, will invest EUR 100 million in the coming two years to develop several other real estate projects, through its Ozer Construction subsidiary. In 2008, consolidated investments will reach some EUR 27 million, up from over EUR 18 million year-on-year. Total investments in 2009-2010 are estimated at over EUR 100 million, of which 80 percent through the Ozer Construction branch.
Over 35 percent of total investments come from own sources, with the rest through financing, according to Deputy General Manager of Ozer Construction, Ileana Stanciu, Business Standard daily reports.
The Romanian branch contributes some 50 percent to the consolidated turnover of the group, which amounted to EUR 57.8 million last year. Estimates for 2008 indicate an advance in consolidated business of at least 40 percent, to over EUR 81 million.
As entrepreneur, Ozer Construction is participating in projects such as Multigalaxy Office Building, Oxford Gardens (150 villas in the northern Bucharest Pipera region), Felicity (1,200 apartments in northern Bucharest), while as project manager, in partnership with EFG, it is overseeing the development of Bucharest’s north-eastern Pantelimon region logistic parks, as well as in a mixed office, trade and residential area in the northern Jandarmeria region.
As investor the company has been developing the Belleview Sinaia residential project since the beginning of last year, worth EUR 25 million, which will include 344 vacation apartments covering 36,000 square meters.
In 2008, Ozer Construction will invest EUR 15 million in the construction on 5,300sqm in the northern Bucharest Aviatia region of a luxury residential complex with some 150 apartments. In addition to the Europa House and America House office buildings, Ozer Construction has also built the Efes Pilsen beer factory in Pitesti.