British EFG to invest EUR 1.9 billion in Bucharest project
30 January 2008
British real estate developer European Future Group (EFG) will invest EUR 1.9 billion in a real estate project near Bucharest. The complex, located in Buftea, will have 30,000 apartments and homes. EFG bought several pieces of land in Ciocanesti and Buftea , a village and a small town close to Bucharest, with a total area of 150 hectares. The complex will be built by a joint-venture with Turkish construction company Ozer.
''The investment needed for the project will be covered from our own funds and bank loans. We are working with Raiffeisen Bank. The complex will be built over a period of seven years,'' Jeff Kirby, CEO and main shareholder of EFG told Business Standard.
Kirby added that Buftea train station is due to be reopened for rail access.
EFG collaborates with Austrian fund Immoeast on projects worth EUR 430 million. The company is developing a real estate project worth EUR 240 million in the city of Brasov, and a project in Baneasa, in northern Bucharest.