PRASA and Detea groups, one of Spain's largest groups specialised in real estate development, are set to invest 450m euros in a mixed real estate project in Constanta on the site of the former RATC sports centre. 80% of the built area covered by the project will include housing, which means the Spanish groups are set to develop Constanta's largest housing project. The two companies paid 60m euros for the land that covers around 95,000 square metres, on the banks of the Tabacariei river, and intend to develop a real estate complex that will include 310,000 square metres of housing space, 15,000 square metres of office space, 40,000 square metres of retail space and a 15,000 sqm hotel. Construction will start in early 2009. Detea, with assets worth 1.1bn euros, has been present in Romania since 2005 with 3 of its 4 units and has announced its plans to invest 680m euros on the Romanian market on various segments. Prasa entered the domestic market in 2005 and in order to develop its projects in Romania has teamed with the Spanish-based Gea 21 Group company.
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