EnglishInvestment fund Fabian will enter a partnership with real estate developer Coltex for the development of a residential compound in Timisoara, which will consist of over 250 apartments. The fund has already acquired half of the shares for 4.7 million EUR, according to a company announcement. Coltex will act as manager of this project. The new residential complex will be located in the northern area of Timisoara and will stretch on a surface area of 11,000 square meters.
This is the fund"s first investment outside Bucharest and its second residential project.
On the office market, Fabian Romania Property has recently acquired the Baneasa Business Centre for 23.9 million EUR from Immoconsult Leasinggesellschaft. The fund has also acquired the office buildings Evocenter and Cubic Centre, both located in the northern area of Bucharest. Fabian owns four other office buildings in Bucharest and two residential compounds, which will be finalized in the near future.
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