This is the first residential investment on the Romanian market of Euromall, controlled by Israeli investors.
Vernescu Residence will include 36 apartments and will be developed through the company Metropolitan Developments which focuses on luxury residential projects and is held by Euromall. The project is due to start next week.
Euromall, an active developer mainly before the economic crisis, has developed shopping center Euromall in Pitesti which it sold to Austrian company Immofinanz. In 2007, Euromall announced investment plans of hundreds of millions of euros for the lands owned in Romania, but the crisis prompted the company to halt its plans.
Euromall was planning to develop alongside Immofinanz a large residential project of 1,000 housing units in Baneasa (northern Bucharest), in EUR150 million investments.