Large foreign direct investments in real estate, worth over one million euros, exceeded investments in the energy and the retail sector in the first half of this year, but failed to reach the level of investment the food and automotive parts industries witnessed, which held the top positions in the first part of the year. In May, the biggest capital contribution came from Goldale Limited, part of the Tiriac group, and from the real estate project developer, Riofisa Internacional. Goldale Limited and Riofisa increased the share capital of Goldale Real Estate by 9.8 million euros, which will be used for a commercial project in Timisoara. Hercesa, another Spanish company, in turn made a 7 million-euro contribution, which will be invested in a 1,600-flat housing project on Basarabia Blvd, as well as in converting the former Cismigiu Hotel into an extended-stay hotel. The Dutch carried out investments worth some 9 million euros in the first half, but the companies that made these capital contributions are not very significant on the market. Many of them are starting up a company in Romania just to develop a real estate project. For example, BBP Leasing, the Dutch company that invested 3.6 million euros in Romania in January, had been registered at the Trade Registry since 2002 and posted a turnover of 1.6 million euros in 2005, and losses worth 1.1 million euros.
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