February 19 (SeeNews) - Israeli-owned real estate developer Hagag Development Europe said on Tuesday it has obtained the building permit for the upgrade of the H Victoriei 139 residential building in Romania's capital Bucharest.
The budget allocated for the consolidation and modernization of the building is 10 million euro ($11.3 million) and the construction works are scheduled to begin in the next two months, Hagag said in a press release.
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Completion is expected in the fourth quarter of 2020. Located in central Bucharest, H Victoriei 139 has a total gross building area of 3,200 sq m.
"Although it is not the first and will certainly not be the last, H Victoriei 139 is, for us, a challenge. The renovation and fortification of an old building often involves a much more difficult path to follow than the development of a new, zero-stage project," Hagag Group board chairman Yitzhak Hagag said. "Nevertheless, we are talking about construction that is part of the tangible past of a community, and H Victoriei 139 is conceived and designed in such a way as to preserve the cultural identity reflecting from one of the most fascinating epochs that Bucharest has witnessed."
Hagag Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects involving more than 150 million euro invested in Bucharest's top development areas.
In July, Hagag said it has started construction works on its first office project in Romania, H Victoriei 109, planning to invest over 8 million euro in consolidating and remodeling the building.The 6,000 square metre building is located in central Bucharest. The consolidation, remodeling and upgrading works will be completed in the second half of 2019.
In May, Hagag launched successfully a 15 million euro initial public offering (IPO) on the Tel Aviv Stock Exchange to finance projects in Romania.
($= 0.8829 euro)