May 12 (SeeNews) - Israeli real estate developer Hagag Development Europe announced on Thursday it plans to invest some 20 million euro ($21.1 million) in a residential project in Bucharest.
The central Bucharest residential project will be built upon a 1,360 sq m plot of land, Hagag said in a press release.
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H Primaverii 1 will have over 18 residential units, 700 sq m of commercial spaces on the ground floor and a further 2,000 sq m of underground parking space.
In March, Hagag Development Europe announced it had purchased a new building in central Bucharest, with an expected gross built area of 6,000 sq m, dedicated to offices.
In November, the real estate developer announced it had plans to invest approximately 60 million euro to overhaul the Susai Hotel in Predeal, Romania, which the company had acquired for an undisclosed sum.
Hagag Development Europe is a real estate investor-developer specialized in residential, commercial and hotel projects in Romania, listed with the Tel-Aviv Stock Exchange.
The company’s portfolio includes Victoriei 109, H Tudor Arghezi in Bucharest, as well as Pipera Lake.
(1 euro = 4.9480 Romanian lei)