Cefin to develop over 500m-euro real estate project in Baneasa

Cefin Real Estate, the real estate development division of Italian Cefin group will develop a mixed real estate project in Baneasa that will comprise office space, shopping centres and apartments, worth a total of 540 million euros. This is biggest real estate project developed by the Italians on the domestic market. "We got the Zonal Urban Development Plan ten days ago and will begin work on the shopping galleries and offices first, which will cover 40,000 square metres. Later, we will build over 300,000 square metres of apartments," said Stefano Albarosa, Cefin group chairman. The commercial area of the project, which will entail investments worth 240 million euros, will also include a five-star hotel. The residential area of the project will have 300 million euros allocated for investments. Eig hty percent of investments will come from loans and the rest will be self-funded.