The project is developed on the site of former factory Tesatoriile Reunite, one of Romania’s oldest textile producers.
The project rises to EUR34 million and is financed from own sources and bank loans, according to information provided by SIF Moldova.
Octagon, co-founded by entrepreneur Alexandros Ignatiadis, is the constructor of the project Baba Novac Residence. The project manage¬ment is ensured by Vitalis Consulting, co-founded by entrepreneur Florin Popa, with experience on all market segments, namely, residential, office and retail, according to ZF data.
The sale of apartments starts in the second half of June and construction works are due for completion in the spring of 2019.
SIF Moldova is not at its first real estate project in Romania, as it had previously invested RON65 million in Bucharest-based shopping center Veranda Mall. Opened at the end of 2016, the shopping mall engulfed a total RON270 million.
According to its own financial report, SIF Moldova also is shareholder in companies such as Banca Transilvania, Romgaz, Transgaz and Transelectrica. The portfolio of shares held by SIF Moldova in companies listed on the stock market stood at RON1.27 billion at the end of March 2017.