Thus, if the average surface of a home is 90 sqm, roughly the average surface of flats built by the company in Bucharest, then the group ultimately plans to build over 15,000 flats in Romania, thus becoming the largest developer on the local residential market.
Among the 42 projects unfolded in Romania, 29 were in the portfolio of realty developer Adama, which was taken over by the Austrian group earlier this year.
Most of the residential buildings are located in Bucharest (17) and Pipera and Snagov (3). Another six projects are in Brasov, and the rest are in Oradea, Cluj, Bacau, Ploiesti, Timisoara, Baia Mare, Satu Mare, Arad, Suceava, Iasi and Piatra Neamt.
“The portfolio has a plot surface of one million square meters and a sellable area of 1.4 million sqm upon completion,” said Immofinanz representatives.
A large part of these projects is still in design phase, postponed because of the economic crisis.
Immofinanz, one of Romania’s largest realty investors, has a porftolio of over 1,600 properties in Europe, with a market value of EUR8.4 billion.