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Avrig 35 Group develops projects over 500 mil euro
Ziarul Financiar 21.06.2007
Avrig 35 Group, managed by the business man Alexander Hergan, has performed 17th real –estate projects in Romania, the total investment amount is exceeding Eur 500 mil, the spoke person of the group stated yesterday. The projects are in different execution phases and will include, totally, over 300.000 sqm of Commercial Premises, Residential and Offices.
The Commercial Premises will have a percentage of 50%, and the residential and office buildings will represent almost 25% of the total constructions, specified the mentioned sources. The 17th projects will be developed in Bucharest, Suceava, Piatra Neamt, Focsani, Constanta, Satu Mare, Arad, Timisoara, Brasov, Pitesti.
Avrig will develop six projects in Bucharest , one solely residential , three mixed –Residential and Commercial Spaces, and also two building piles offices. The first four projects will be built in the North Areas, East and South of Bucharest and will include over 5000 apartments and two Hypermarkets with a total surface of 120,000 sqm. The total investment amount it exceeds Euro150 mil.
Avrig purchased last year from the medicine producer Zentiva one land of almost 30ha in Bucharest, on which intends to build a mix ensemble- residential. Commercial Premises, offices – with a total investment amount exceeds Euro 100 mil, and the works might start in the first trimester of the following year.
Last year, the group purchased the dividends of the ex Solventul from Timisoara, including also the relevant land, with a surface of 44ha, where it could initiated major real estate project. Also, Avrig 35 will finalize, in about 3 months, the construction of the Auchan Hypermarket in Pitesti. The Complex will have a surface of 50.000 sqm, and the investment is up to Euro 40 mil.
In Brasov, the company will invest 10 mil Euro for the construction of Class A Office building, with a total surface of 10.000 sqm. The projects financing will be realized most of the company from amounts proceed from Investment Funds, American and West European Banks, but the group has also contracted loans from various Romanian banks.
The group is composed of 35 companies which develop construction activities and real estate development.
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Avrig 35 Group
Avrig 35 Group was established in 1999 by four American investors. Since its inception the Group has grown to become one of the leading real estate developers in Romania. The company draws upon the extensive experience of its owners and employees to approach ambitious projects in different sectors of the Romanian market. Our ability to deliver exceptional services and value to our clients derives from the strength of our investment analysts and construction professionals working together towards a common goal.
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