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Israeli BSR Europe buys land for €240 mln Balkan projects

Deals

The company bought land in Brasov, Romania, and, together with a European real estate fund, also bought land in Bulgaria.

BSR Europe Ltd. has signed agreements through subsidiaries to buy land in Romania and Bulgaria. The lots are zoned for residential and commercial project worth an aggregate €240 million ($338 million). Closing the deals is subject to due diligence. The company bought a 7.5-acre lot in Brasov, Romania, for €5.1 million ($7.2 million). The lot is zoned for a 50,000-square meter residential complex. The company estimates the initial development costs of the project at €40 million. BSR Europe is the fourth Israeli developer to buy land in Brasov in the past few months.

In Bulgaria, BSR Europe and a European real estate fund jointly bought four lots with an aggregate area of 19.5 acres for €37 million. The lots are zoned for a 230,000-square meter residential, office, and commercial complex. BSR Europe said it will own 42.5% of the project, and did not name its partner. The company estimates the initial development costs of the project at €200 million ($281 million). (globes.co.il)

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