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REDS reaches deal with IKEA for the property in downtown Bucharest

After ten years of inactivity, the current management of the Ellactor Group has reached an agreement for the joint development of a significant property in the centre of Bucharest with Vastint, the real estate arm of the Swedish IKEA group.

Vastint and REDS agreed to unify the two plots and develop a complex of offices, shops and houses with a total surface of 80,000 sq.m. The agreement provides that REDS may sell its participation in the development after valuation of a specialised international firm.

There was also an agreement on the second property held by REDS in the Romanian capital, in regards to the unfinished construction of a residential complex in Straoulesti — Baneasa, in the lakeside area of Baneasa.
The management came to an agreement with a Romanian group to advance the investment in the construction of the houses. The renewed building permit provides for an additional floor in each building (from three-storey to four-storey). The project concerns the construction of approximately 80 apartments of which 18 have been pre-sold.

REDS was selected at the end of the year by HRADF, following a tender offering EUR 42,2 million, for the development of the former American base property in Gournes Heraklion Crete.
The property in Gournes Heraklion, Crete is a seaside area of 345.567 sq.m., located 13 km from the airport and 16 km from the city of Heraklion.

Original Source: Bussinessdaily.gr

Adaptation/Summary: Kiki Athanasiadis

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