Hercesa, the Spanish real estate group owned by the Cercadillo family, has acquired a 18,000 m[sup]2[/sup] plot in Orhideer in the west part of Bucarest. The company said the site will house a 80,000 m[sup]2[/sup] residential area and announced the construction of 800 homes in the next few years. The price of the acquisition was not disclosed.
Hercesa, the Spanish real estate group owned by the Cercadillo family, has acquired a 18,000 m2 plot in Orhideer in the west part of Bucarest. The company said the site will house a 80,000 m2 residential area and announced the construction of 800 homes in the next few years. The price of the acquisition was not disclosed.
The property is located next to the Damvovika river, and it will consist of buildings for residential use, retail spaces, leisure areas and offices. The area is now occupied by factories and Hercesa intends to demolish the industrial area to build a residential space that 'will turn out to be an important residential area in the Rumanian capital', the Spanish company said.
The group, with head office in Guadalajara, already owns 60,000 m2 in Romania, and has a residential property portfolio of 1,500 buildings on 180,000 m2. The company is also active in Portugal, where this year it has invested EUR 70 mln for the construction of an office in Lisbon.
