Florin Enache, who collected around 20 million euros from the sale of two shopping centres to investment manager Equest, plans to develop mixed-use real estate projects, which will include 4,500 apartments, hotels and office spaces in Ploiesti, Busteni, Mamaia and Neptun.
The value of these investments is expected to amount to a few hundred million euros. Over the past couple of years, the businessman has acquired, with his own funds, over 60 hectares of land in several provincial towns, whilst to develop these projects, he intends to attract funding from banks or strategic partners.
"I have reinvested the money collected from the sale of the Vitantis Shopping Center (Bucharest) and Modul Shopping Center (Targoviste) in other projects, which I will start shortly. Over the next seven years, I will develop several residential, hotel and mixed-use projects, in which I will invest several hundred million euros," says Enache, whose first important business was furniture manufacturer Modul Design, which derived turnover worth 4 million euros last year.
After opportunities in the furniture industry dried up, the businessman started to invest on the real estate market in 2006.
At the end of 2006, Vitantis Shopping Center, in which Florin Enache used to hold 50% of the shares, was sold to British fund Equest Balkan Properties for 31.6 million euros, a sum that included accumulated debts worth 5 million euros. Modul Shopping Center in Targoviste was, in turn, acquired by Equest last year for 8 million euros.
This year, Enache plans to construct two residential projects called Green Wave in the Black Sea resorts of Mamaia and Neptun, which will include over 530 apartments.
"In September this year, we will start construction of the Green Wave project in Mamaia, which will entail construction costs worth around 33 million euros, as well as the cost of acquiring land. The average price of the apartments will be around 1,350 euros/sqm plus VAT, with the project to also include a shopping gallery, a restaurant that overlooks the beach, a gym and a pedestrian area," adds Enache.
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