Impact to begin a EUR 700 million real estate project in Bucharest
29 February 2008
The Impact Developer&Contractor real estate developer will begin a project worth EUR 700 million this year, which will involve the construction in northern Bucharest of a residential complex with over 3,000 homes, according to a statement for Business Standard by sources within the company.
The complex will be built on some 585,000 square meters, of which 90 percent belongs to Impact, located near Baneasa forest, in the Teisani – Drumul Padurea Pustnicu area. The beneficiaries have already obtained environment permits, and work will begin in August, to be finalized in 2014.
According to quoted sources, the investment will be financed in a proportion of 40 percent through bank loans, while the difference will come from own sources and advances by clients.
At the beginning of this year, Impact announced investments worth EUR 2.7 billion in two residential projects, one in Cluj, the other in Bucharest, whose construction will begin this year.
Total income of the company last year amounted to EUR 135.7 million, while net profit was EUR 71.3 million. Impact’s stock exchange value is EUR 163.3 million.