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Oct 16, 2007 17:43 EEST
October 16 (SeeNews) - Romanian real estate developer Seven Hills, subsidiary of Israel-based BSG Group, said on Tuesday it plans double its investments in the EU newcomer in the next two years to some one billion euro ($1.41 billion).
"At present we are focusing on residential projects, but we will begin developing in the near future commercial and office projects in Bucharest, as well as in other major cities in the country", Moshe Agavi, BSG country manager Romania said in a statement.
Seven Hills, set up in mid-2005, has invested so far 500 million euro in real estate developments.
Among the company's projects is the development of West Park residential area in Bucharest, already under construction, which will cost some 120 million euro. It comprises 19 buildings with 1,400 apartments covering 130,000 square metres. Elsewhere in Central and Eastern Europe the BSG Group has developed projects in the Czech Republic, Hungary, Latvia and Ukraine.
($ = 0.7057 euro)
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