Greek group and Turkish investor put EUR 90 mln in real estate project in Romania

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Alpha Group Investments, a unit of Greek lender Alpha Bank, and the firm TBE Business Solutions, owned by Ali Ergun Ergen, will invest EUR 90 million in the real estate project Timisoara Centrum. This will have a rentable area of almost 70,000 sqm, and will include among its tenants the French retailer Carrefour, according to a new announcement made by the consortium.

The investors had initially announced a smaller project and a EUR 80 million investment, but then decided to increase its surface by 40%, which also added to the project’s cost.

The biggest part of the project will be the shopping and entertainment area, with a total of 60,000 sqm. This will include a 3,000 sqm country club with a spa, a wellness center, a gym, and a pool on the roof. The center will also include a DIY retailer, which will cover some 10,000 sqm. It will also feature a 10,000 sqm office building.

Work on the project should start either at the end of this year, or in early-spring 2016, and should be finalized in 2017.

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