The Rothschild banking family officially entered the domestic housing market last week in a deal worth 104 million euros for a 60 percent stake in three housing projects, which are controlled by the Israeli owners of Euro Habitat, the developer of Planorama project in Colentina.
The three projects are located in Ploiesti, Brasov and Bucharest's Colentina district, and will include approximately 8,000 houses, in the wake of investments expected to amount to almost one billion euros.
"The deal, valued at 104 million euros, was sealed on Monday evening, in Piraeus bank's Carol Boulevard headquarters. The three projects will be developed under a different brand, which will be made public next year, when works begin and the projects are launched," Haim Zemer Tov, CEO at Euro Habitat and a stakeholder in the three projects, told ZF.
Israeli businessmen Eitan Eldar and Roy Gil, the developers of Planorama housing complex, are also involved in the deal.
The land in Bucharest covers nine hectares and accounted for approximately 60 percent of the deal's value. As a result, Rothschild paid around 1,150 euros/square metre for the land in Colentina.
In line with the latest information available, Nathaniel Rothschild (the fifth descendent of the prestigious banking family) is also a stakeholder in real estate company TriGranit, which developed the Polus Center projects on the Romanian market.
The land in Ploiesti is located in the north of the city and covers 6.5 hectares, while the land in Brasov covers 5.5 hectares.
"The land plots were acquired in 2006 and in the first half of this year," added Zemer Tov, who chose not to disclose the cost of the land.
The Bucharest project will involve approximately 3,500 houses, while the housing complexes in Ploiesti and Brasov will each comprise around 2,000 units.
Rothschild was assisted in the deal by Tuca Zbarcea & Asociatii law firm, which will also advise the bankers on the projects' development.
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