European Convergence Development Company (ECDC), controlled by the British company Charlemagne Capital, plans to start three projects by the end of this year, with a cumulated value of approximately 300 million euros. "Around half of the 100 million-euro value of the fund will go to Romania. We intend to begin the development of three new projects by the end of the year, with a total value of 300 million euros in terms of costs," Dennis Selinas, manager of the ECDC and ECPC (European Convergence Property Company) told ZIARUL FINANCIAR. The difference between the capitalisation of the fund destined to Romania and the total value of the projects on the Romanian market will be contributed to by the partners with whom the investor begins the project with, as well as being supplemented by raised funding. The first new project could be announced within the next two months, while the rest of the funds will be directed towards the Bulgarian real estate market. ECPC specialises in buying completed projects and already has three Bucharest office buildings within its portfolio - Millennium Business Center, PGV Tower and Construdava. ECDC also controls the development of projects and is involved, among others, in the development of the Asmita Gardens residential projects with a 50% interest. The representatives of the fund stated they were pursuing several projects combining office, retail and residential space, both within and outside Bucharest.
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