EnglishThe Bucharest general counselors have approved, in last week"s meeting, the Zonal Urban Planning for an office, services, commerce, hotels, and common housing complex, in the Barbu Vacarescu - Gheorghe Titeica area, district 2. The investment belongs to "Cefin Estate BV" SRL and will unreel over a 10-acre piece of land. The site is located in the north part of the capital, bordered in the west by Barbu Vacarescu street, and the railroad that used to connect the Herastrau Railway Station and the Obor Railway station in the east.
"Cefin" officials announced the over 220 million investment in the first half of the year. The office area will spread out over 40.000 sq.m. The total building area of the complex is 85.000 sq.m and it also includes a five star hotel, a 36 story office building and a shopping mall.
"Cefin" has contracted for this project a preemption agreement with "Europolis" Austrian investment fund. This way, the fund will purchase the project upon its completion. "Cefin" has signed such contracts for all its developing projects.
"Cefin Real Estate" will also develop in Bucharest a residential project which consists of 280 apartments, named "Cortina Residence", in partnership with "Heitman" investment fund. Construction has begun last year, and is to be finalized in 2008. The investment for this project amounts to 46 million EUR.
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