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)
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
