The Italian group Cefin will invest some 30 million euros to build a five-star hotel near the 110 million-euro real estate project announced in the Barbu Vacarescu area, say company representatives. The Italians announced at the beginning of this year that they intended to erect the tallest building in the Capital City (120 metres) that has 34 storeys as part of an office and retail space complex. "The project could reach a total built surface of some 70,000 square metres, depending on the construction permits we will receive from the municipality," stated Stefano Albarosa, general manager of the Cefin group. Aside from this project, Cefin Real Estate Romania, part of the Cefin group, is developing a residential project worth over 40 million euros in the Baneasa area, which will include 270 flats. Cefin entered the local market as a dealer for the Italian brand Iveco. After significant investments made in its expansion, the Italians decided to enter the real estate market as well, through the Cefin Logistic Park project. ZF
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