EnglishRedevco Europe and EMCT Romania, one of the most dynamic real estate developers in Romania, have joined forces in a joint venture called Romanian Retail Development (RRD). The new company will start operations at the end of the month and focus on projects measuring between 25,000 and 100,000 sq.m. in the leading urban communities of Romania. The company forecasts some 500 million EUR in investments over the next five years.
Present in 20 European countries, Redevco began prospecting the Romanian real estate market in mid-2006 and opened an office in Bucharest in January 2007. "The real estate market in Romania is booming. The fact that Romania has the lowest percentage of commercial space against the number of inhabitants in Europe demonstrates the opportunities to develop high-end commercial centers on this new market of the European community," said Jorg Bitzer, Managing Director of Redevco Central Europe.
Present in Romania since 1998, EMCT is one of the leading developers on the market, having participated in projects for Carrefour, Cora, Bricostore, Baumax, Mobexpert and Media Galaxy. worth some 210 million EUR and measuring 186,000 sq.m.
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