Romania’s Cefin Real Estate Postpones Projs On Lending Shortage

The company, a unit of automotive and real estate group Cefin Holding, will postpone the commercial project in the capital city Bucharest, which is to be developed in partnership with Europolis investment fund. The project requires EUR240 million investments and targets the construction of a complex with office areas, a hotel and apartments. The project includes the tallest 36-floor building in Bucharest and should have been completed in 2011.

 

The company also postponed its project in central town of Targu Mures, targeting the construction of a shopping center and a real estate complex, Albarosa said.

 

He said Cefin would not drop out the two projects, as they would be in stand-by until obtaining favorable financing conditions.

 

Cefin Holding is made up of its real estate unit Cefin Real Estate Asset Management, and transports integrated services unit Cefin Romania.

 

Cefin Real Estate Asset Management split up from Cefin Real Estate Romania in 2007, to manage the real estate, industrial and multipurpose development projects.

 

Cefin, which owns six distribution centers in Romania and a number of regional offices, sell Iveco vehicles and operates also in Bulgaria, Hungary and Italy.