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Hagag bought the former Petrom HQ and plans investments of EUR 70 M this year

Hagag bought the former Petrom HQ and plans investments of EUR 70 M this year

Real estate developer Hagag Development Europe, part of Hagag Group from Israel, consolidates its position on the Romanian market, enriching its properties portfolio by adding two properties, a press release informs. The developer is planning investments worth up to EUR 70 million.

Alongside the EUR 90 million investment in the already announced H Pipera Lake residential project, the group currently reaches a total investment amount of EUR 150 million on the local market.

“We have chosen Romania because we have identified here a market with a considerable development potential, many opportunities and a visible economic growth. We have entered the market two years ago, but until the present moment we have been focusing on assets acquisition. We devoted a great amount of time into the properties acquisitions and we have not accepted any compromise. So far, we have invested over EUR 20 million, and this year we plan to invest another EUR 50 million in procurement and development”, Yitzhak Hagag, President of Hagag Group Israel, stated.

The first quarter of 2018 crowns the company’s EUR 20 million investment by adding to its portfolio two properties that are located on Bucharest’s most pretigious boulevard – H Victoriei 109 (former Petrom headquarters) and H Victoriei 139, and a plot of land of over 3 hectares near the Pipera forest. The consolidation and modernization works for these couple of buildings involve doubling the initial investment.

”Hagag Development Europe enters the Romanian market at a time when the approach towards the evolution of the real estate market is constantly changing, investing professionalism and resources into its projects,” the release reads.

 

 

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