September 2 (SeeNews) - Lithuanian group Hanner said on Thursday that it plans to invest 40 million euro ($47.4 million) in the mixed-use project Fosta Fabrica in Bucharest
The investment envisages the consolidation and conversion of former Luther Beer Factory in Romania's capital, Hanner said in a press release.
Hanner announced that it has sold the office component of Riga project Jaunā Teika to EfTEN investment fund for 131 million euro, and will use the proceeds from the sale to continue the development of the Romanian project.
"Following this transaction in Riga we plan to accelerate the investment in Fosta Fabrica. Our aim is to transform the four monuments and the new buildings in one of the landmarks of office and social life in Bucharest. This is a special opportunity, considering the architecture and patrimonial value of the project," Mindaugas Valuckas, founder of Jauna Teika and Fosta Fabrica projects said.
Upon completion, Fosta Fabrica will include a brewery, restaurants, café, bakery, a food court, a farmer’s market, a beauty salon, cultural and event spaces, playgrounds for children, co-working and office spaces, new apartments and other public spaces.
Hanner is active in Latvia and Romania and has completed projects in Russia and Ukraine.
In Romania, the group has so far developed Carol Park Residence and City Centre Residence with a total market value of 59.5 million euro, according to data published on its corporate website.
($=0.8438 euro)