December 3 (SeeNews) - Israeli-owned real estate developer Hagag Development Europe said on Tuesday it has bought an office building in central Bucharest for 9 million euro ($9.96 million).
Over 4 million euro will be invested in the reconsolidation, repartitioning and modernization of the building which will maintain its original destination and serve the office market segment, Hagag said in a press release.
In the first stage of development starting the first quarter of next year, the building will undergo an extensive transformation process.
The property covers a plot of land of 1,507 sq m and has a total built up area of 7,013 sq m.
"For us, 2019 was an extraordinary year: we broke ground on two important projects and we are very close to completing construction works on our first office project. We have also continued the market prospecting activities and we are pleased to announce this new investment - Tudor Arghezi 21 - which will host a new Hagag Development Europe project," the COO of the company, Ana-Maria Pop, said.
In August, Hagag began works on its largest residential project in Romania, H Pipera Lake. The total investment in the project is estimated at 90 million euro.
In February, Hagag said it has obtained the building permit for the upgrade of the H Victoriei 139 residential building in Bucharest. The budget allocated for the consolidation and modernization of the building is 10 million euro.
Hagag Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects involving more than 200 million euro invested in Bucharest's top development areas.
($ = 0.9033 euro)