Alfonso Otero Zapata, managing director for Poland and Romania of the Spanish real estate developer Bogaris, which has ongoing investments worth 680 million euros, has decided to open an office on the domestic market just three months after his first visit to Romania, after being attracted by the opportunities of the commercial and residential sectors.
Bogaris (formerly the Spanish group DETEA) has so far developed small retail projects, which cover around 5,000 square metres, with its first large-scale real estate project announced for this year in Constanta, with investments worth 450 million euros.
"I came to Romania for the first time in September 2004, and was surprised by the opportunities in this region, and, after three months, decided to open an office on the Romanian market. At first, we were not familiar with the market, and our strategy was to build small retail projects for discount operators," said Otero Zapata. After consolidating its position, the company decided this year to start developing a large-scale project in Constanta, on the site of the former RATC sports complex, in partnership with the Spanish developer Prasa.
"We are currently deciding on the project's concept and are putting together the necessary documentation in order to secure the PUZ (Zoning Plan). We hope to secure approval for the PUZ by next spring and plan construction to start at the end of 2008. The project will create around 2,000-2,200 homes within around 15 blocks of flats and will be developed in several stages," explained Otero Zapata.
Bogaris and Prasa this year acquired the land (which covers around 95,000 square metres next to Tabacariei Lake) for 60 million euros and intend to develop a real estate complex with 310,000 sqm of residential space, 15,000 sqm of office space, 40,000 sqm of retail space and a 15,000sqm hotel.
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