Sat, Jul 04 2009
ING Real Estate Development (ING RED), the real estate branch of the ING group, was planning to start a large-scale real estate project in the centre of Bucharest, Investor.bg said.
The new project was said to be similar to the Zlote Tarasy project in Warsaw and to include office spaces and a mall, Romanian daily Ziarul Financiar said.
"We found an appropriate plot in Bucharest on which we can build. The situation is quite complicated, however, as it involves several owners, but we intend to pursue this project," ING RED managing director in Romania, Siep Hoeksma, was quoted as saying.
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The project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise.
The strategic plan envisages the conservation of the nature "for decades ahead", and it was formulated by a municipal team headed by professor Ivan Nikiforov, backed by Prime Minister Sergei Stanishev.
Once the overhaul and reconstruction of the Sofia–Vidin line is complete, it will cut travel time to three hours, as the train will be able to reach speeds of up to 160 km/h, shortening the journey to three hours.
Marriott however has made it clear that is not interested in investing in construction, but rather to occupy and manage existing buildings. Its strategy is to obtain management contracts.
Investors realise that it’s not viable to have a building remaining empty over the course of a year – so it's better for them to employ more flexibility to offset that loss.