Willbrook will not expand real estate investment in Romania
Willbrook Management is carrying out 25 real estate projects in Romania, to be finalised in the next two years, whose overall investment value is around two billion euros, a portfolio that will not be expanded, however, because of the "administrative and political" blockage in the local market.
"We have 25 projects under various development phases in Romania, for which we will invest around two billion euros in the next two years. After we have finalised these projects, we do not wish to expand the project portfolio in this country, where there is a administrative and politic blockage", declared Daiana Voicu, the General manager of the company, at the launching of the company's newest project, Willbrook Platinum Business and Convention Center.
The project will be constructed in the North of Bucharest, in the vicinity of national road DN1 Bucharest-Ploieşti, will have a built area of 80 000 square metres, out of which a usable area of 45 000 square metres. Willbrook Platinum Business and Convention Center will be built in two phases and will include two buildings with office spaces and conference centres and one building dedicated to a five-star hotel. "We bought the two-hectares land, five or seven years ago. We could have had this project four years ago, but the authorisation procedure is very faulty in Romania. It took us four years to obtain an authorisation from the Ministry of Transports and for the AND (National Road Authority) to decide how to widen the DN1", Voicu pointed out.
In a first phase, the complex will include 63 000 square metres of offices and spaces for the organisation of events and exhibitions and, in the second phase, 20 000 square metres of luxury hotel spaces.
The company is under negotiations with hotel operator Starwood for the hotel to be built within the project. The overall investment is up to 130 million euros for the project, which is to be finalised in 2009.
Willbrook Management was established ten years ago in Great Britain and is present in the markets of Romania, the Czech Republic, Poland, Latvia, Georgia, Bulgaria and Turkey. In Romania, the company is developing the Cathedral Plaza project in the centre of Bucharest, near the St. Joseph Cathedral, considered a historic monument. Another project of the company will be developed in Voluntari and will include 2 000 apartments and office spaces, representing a 900 million euro investment. The company also builds projects in Timişoara, Constanţa and Braşov.
Articol salvat de pe www.curierulnational.ro, ediţia din 18 Aprilie 2008. Acest articol este proprietatea Curierul National si nu poate fi reprodus fără acordul scris al acestora.