GTC Invests ?130 Million in a 1.300 Apartment Complex in Romania

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Real estate developer Globe Trade Center Romania (GTC), with Israeli capital, will build 1,300 apartments in a residential complex close to in the northern Bucharest Baneasa Forest, reported.

The company will invest €130 million ($174 million) in the new complex.  This investment raises Globe Trade Center's portfolio in Romania to some €600 million ($803 million). The residential complex, to be named FeliCity, will be built on a 10-hectare piece of land for which the developer paide €12.5 million last year. The three-stage construction project will begin next week, and is expected to be completed in 2010. The project is being co-financed by HVB-tiriac Bank, in collaboration with Deutsche Bank, putting up 29% of the investment value, and the Bluehouse investment fund, with 20% of the funds, according to GTC Romania's Manager, Shimon Galon.

The developer has also said that three commercial centers being built in the cities of Buzau, Piatra Neamt and Suceava are to be finalized by the end of the year. GTC also plans to finalize the City Gate office building in Bucharest next year, and will launch a new project in northern Bucharest, to include office space, a residential area and commercial center, covering a total area of 150,000 sqm.

GTC has been operating in Romania since 1999. The developer is controlled by Israeli group Kardan and has projects also in Poland, Hungary, the Czech Republic, Serbia and Croatia.

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