EnglishDragoman Development will invest 125 million EUR in four real estate projects in Romania, two in Bucharest and two in Brasov. Charles Bergen, one of the Irish shareholders in the company recently said that the respective four plots of land had already been purchased.
The largest project will unfold in Brasov, where the company will build a compound of 450 housing units over 96,000 sq.m. for 56 million EUR. The three-step project will begin in late-2007 and take 45 months. Also in Brasov, the company will build a office & leisure compound on 7,500 sq.m. for 25 million EUR.
In Bucharest, the company will build two residential compounds. The one in Berceni will occupy a 4,000 sq.m. plot and total 160 housing units of 10,000 sq.m. The 18 million EUR project will start this autumn and end in the spring of 2009. The one in Drumul Taberei will measure 12,500 sq.m. and comprise buildings of up to 14 floors.
Dragoman Developments is owned by three Irish partners, Paul Larkin, Charles Bergen and Michael Hunt and operates in Romania since 2003.
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