EnglishSpanish Group Lar plans to develop three residential compounds in Bucharest in the next three years, acording to company representatives. The three projects will comprise over 650 apartments, the total investment being estimated at 100 million EUR.
The first residential complex will be located in the Viilor Street area, where the company acquired 7,600 square meters of land. The compound will consist of 215 apartments, the investmant amounting to 30.75 million EUR. The project should be finalized in 2009.
The company plans to build another 244 apartments on the former premises of the Ice factory in the Politehnica area. The built-up surface area amounts to 18,000 square meters. The investment is estimated at 28.5 million EUR and the project will be completed by 2010.
The third residential project, located in the northern area of Bucharest, is being developed in partnership with Red Management Capital. The investment totals 30 million EUR.
The Lar Group is one of the largest real estate developers in Spain, present in countries such as Portugal, France, Germany, Hungary, Poland, Turkey and Mexico. In 2005, the group reported a turnover of 370 million EUR.
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