Businessman Dinu Patriciu, president of the Rompetrol group, together with Immorent, the real estate leasing subsidiary of the Erste group and the Rompetrol group, will invest 300 million euros in a real estate project that covers 150,000 square metres in northern Bucharest, near Baneasa lake. The project's financing will be provided by Erste Bank. The project, which will be called Smart City, will consist of class A office buildings (50,000 sqm), commercial spaces and housing spaces (100,000 sqm). Smart City is scheduled to include Rompetrol's new headquarters, a 110.7-metre high building, which will be located close to the project developed by Petrom, Rompetrol's main rival on the local market, which will be called Petrom City, and will house all the company's offices. At the beginning of May, Immorent announced it would develop a real estate project in partnership with a Romanian investor, with construction works to start in the second half of 2009, and delivered in 7-8 years. According to the businessman's latest statements, the 150,000 square metre area of land was acquired as early as 1991, after Patriciu put the initial value of the investment at 200 million euros.
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