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BUCHAREST (Romania), October 3 (SeeNews) - NEPI Rockcastle, a property investment and development group incorporated in the Isle of Man, said on Thursday it will build residential projects in five cities in Romania following an investment of at least 83 million euro ($91 million).
The residential projects will be developed around shopping malls in Brasov, Bucharest, Ramnicu Valcea, Satu Mare and Timisoara, NEPI Rockcastle said in a press release.
The projects will be developed in stages of up to four years, depending on the authorisation schedule.
"The development of residential projects around malls is a natural step in the context of evolution the real estate market and responds to the expectations of generations of active young people who value time," NEPI Rockcastle development director Andrei Radu said.
NEPI Rockcastle, listed on the Johannesburg Stock Exchange and Euronext Amsterdam, is focused on acquiring, developing and managing retail assets in Central and Eastern Europe. Its property portfolio is focused in Romania, Poland and Slovakia, as the group has strong presence in Croatia, Bulgaria, Hungary, the Czech Republic, Serbia and Lithuania.
($= 0.8865 euro)