Developers of the Upground project in the Pipera district ofBucharest have transferred 60 apartments as part of a barteragreement to Lufin Construct, one of the constructors of theresidential complex, whose completion is set for August nextyear.
This is a method less used by real estate developers in thepast, but which currently enables them to solve two of theirproblems: get rid of the apartments, which are increasinglydifficult to sell and pay a part of the construction costs.
"We have 60 apartments for sale in the Upground complex, whichwe secured as a result of a barter agreement signed with theproject's developers from the very start. The project's buildingstructure has been erected, now we are working on the masonry, andthe first block will be delivered in August of next year," saidBogdan Botez, manager within Lufin Construct.
The construction firm posted a 36 million-euro turnover in 2008,according to data from the Finance Ministry, with the company'sshareholders being Adrian Manolescu and Victor Badescu, accordingto Botez.
Upground is a complex made up of two 600-apartment blockslocated next to two office buildings completed in Pipera, with allfour properties being part of a transaction whereby the developers,a group of Greek and British businesspeople, headed by IoannisPapalekas, is transferring the assets to a fund of German bankDeutsche Bank, in a transaction estimated to be worth 340 millioneuros.
Apartments in the Upground project currently being built on theFabrica de Glucoza street in Pipera cost around 1,700 euros/squaremetre plus VAT.
"As far as I know, around 300 of the project's 600 apartmentshave been sold," Botez said.
According to Lufin Construct's website, the company has alsobeen involved in building residential complexes Asmita Gardens,Ibiza Sol, and Brilliant Condominium in Bucharest, as well as mixedproject Metropolis Center close to Victoriei Square inBucharest.
One of the two office buildings in the Upground project has a57,000 square-metre gross lettable area, being the largest inBucharest at present.
This year, an investment fund of German bank Deutsche Bank hastaken over this property rented out to Banca Romaneasca, theproject's financer, and to market research company GfK.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
