Caterata JV halves projects' costs
04 June 2009
The Caterata company, a joint venture between Austrian Immoeast investment fund and Israeli New Horizon Group, has decided to halve the investment budget of five of its projects, while it has postponed the construction of the remaining one. The company stated that it had significantly reduced its EUR 100 million budget for local investments, while it planned no new acquisitions for the time being.
More specifically, the company reduced the initial investment budget for its Piatra Neamt project to EUR 40 million from EUR 80 million, while it considers turning it into a mixed project, comprising a hotel and residential buildings.
Furthermore, the investment budget of the Snagov plant has been reduced to EUR 16 million from EUR 22 million.
Caterata is currently developing the first stage of the Odyssea Residential project in northern Bucharest, which includes six buildings with 156 apartments.
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