November 25, 2017

2014 should bring consolidation for real estate developer Genesis

Next year should bring consolidation for real estate developer Genesis Development said Liviu Tudor, the company’s president, last week.  Genesis owns the 150,000 sqm NovoPark and West Gate office projects in Bucharest Romania. The announcement comes after the developer completed investments of EUR 40 million in four office buildings in the NovoPark project in Bucharest’s Pipera neighborhood in 2013. While investments in upgrading the existing office buildings will continue, Tudor, who is the largest Romanian office space owner, says he has no plans to start a new one. And this is despite the fact that both NovoPark and West Gate have room for expansion. He added that the company’s rule had always been to start a project after pre-leasing 50 % of the space. Bucharest already has a considerable stock of office space and banks remain reluctant to finance real estate projects, he added.

Source: Balkans.com () Tweet webappstorm besttrackingapps.com with how you would use the item

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