Stefan Gheorghiu, a former country manager with US-based Polimeni, which has recently withdrawn from the Romanian market, has set up his own real estate development company and plans to carry out projects worth 220 million euros.
"The new company will develop real estate projects for investors who own land in Romania and don't have any experience in developing a real estate project on their land, and don't have the time or necessary financing. So far, we have signed agreements to develop seven projects with total investments worth approximately 220 million euros," stated Stefan Gheorghiu, who has teamed up with Mircea Stoian, a businessman who boasts ten years of experience in the constructions sector.
Gheorghiu (age 34) formed Teg Ron Consulting as a fee developer (a company that develops projects on land already owned by a separate entity, without owning a stake), and will enter a sector that is just starting to take shape on the domestic market.
Most developers on the domestic market are own developers, which acquire a piece of land and hold a stake in the project.
"We are currently in talks to develop some real estate projects with four of the ten wealthiest individuals in Romania, as well as with foreign investors. We intend to develop real estate projects worth over 15 million euros," explained Gheorghiu, who will hire around 30 people over the following year for his new business.
Gheorghiu says he is in talks to develop seven projects, which includes four shopping centres and three residential complexes.
"We will not buy any land, or set up any joint ventures with project owners. We will retain up to 15% of the project. The company will get financing, construction licenses, handle planning, marketing and leasing," stated Gheorghiu. He explained the idea of setting up a real estate development firm came to him two years ago, however, he was not ready to get into such a business at that time.
Until August, Gheorghiu worked as a country manager with US Polimeni, which decided to withdraw from the Romanian market after just four months.
Polimeni, which had announced 300m-euro investments on the domestic market, was unable to secure financing for its first two projects in Satu Mare and Galati, according to information provided by Gheorghiu.
Before working for Polimeni, Gheorghiu was in charge of the domestic office of Austria's Europolis investment fund, which operated investments worth 200m euros on the Romanian real estate market during his tenure.
He had previously worked for seven years with Colliers Romania as a senior broker and corporate services director, and then as a senior broker for Colliers in Mexico.
Stefan Gheorghiu
Until August, Gheorghiu was working as a country manager with US Polimeni and was previously in charge of the domestic office of Austria's Europolis investment fund, after working for seven years with Colliers Romania
Has set up his own real estate development company and plans to carry out projects worth 220m euros.
His new company, Teg Ron Consulting, will operate as a fee developer
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