Goldale Limited, a company of the Tiriac group and the Spanish developer of real estate projects Riofisa Internacional have increased the share capital of Goldale Real Estate by almost 10 million euros, according to data from the Official Gazette.
This move is meant to partly cover the funding of a commercial project developed in Timisoara.
Goldale Real Estate's share capital as a result increased from 2,000 euros (7,000 RON) to 10 million euros, by means of an equal contribution from the two shareholders of the investment vehicle.
In May this year, Goldale Real Estate acquired a slaughterhouse in Timisoara, where it will develop a commercial project, which requires an investment estimated at some 80m euros, according to statements made by representatives of the Tiriac group and published by the local press.
The capital increase was made by means of a cash contribution from the two partners and by the issuing of shares.
Riofisa representatives announced their intention to invest in Romania as early as the beginning of the year, attracted by the growth potential of the real estate market. The Spanish company has had a strategic agreement with the Tiriac group to develop real estate projects in Romania since the autumn of 2005.
Businessman Ion Tiriac is one of the biggest landowners on the Capital market, owning, both directly and indirectly, plots with a total surface area of up to 150 hectares. Tiriac has discreetly developed a vast real estate empire, most of which is located in the North of the Capital, near the Otopeni Airport, where the businessman owns 100 hectares of land valued at around 100 million euros, according to estimates made by sources from the real estate market.
He owns other plots in the Gendarmerie area, also in the North of the Capital, close to the Bucharest - Pitesti highway (in the Western part of the Capital), in Chitila, as well as smaller plots of land in various parts of Bucharest.
Real estate business has become the strategic development avenue for Ion Tiriac's business, whose group is involved in the banking sector, the car retail sector and in the financial services sector.
Recently, the management of Tiriac Holdings has announced that it is considering developing real estate projects worth about half a billion euros, the most important of which is the "La stejari" ("By the oak trees") project, a luxury residential complex close to the Baneasa forest. The project is estimated at some 300 million euros.
Over the past year, Spanish real estate companies have bought a lot of land in the Capital, as well as other big cities, to develop real estate projects, according to players operating in the real estate field. Spanish investors are interested in the potential the Romanian market has compared with the Spanish market.
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