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Investors plunk €56 mln into Romanian development

A group of Irish investors have plunked €56 million ($77 million) into one of Romania’s largest-ever residential developments, outside of the capital Bucharest.

The development in the alpine tourist destination of Brasov is being driven by Irish-owned property firm Dragoman Developments. A 9.6-hectare site has been purchased, and Dragoman is planning to use it for a 450-unit residential development. “It is our largest-ever project and one of the largest-ever residential developments in Romania outside of the capital,” said Paul Larkin, a partner with Dragoman. “We’ve already secured the investment from Irish backers, there’s some very big names in there but we can’t give details on them because of confidentiality arrangements.”

The first phase of the development will begin selling from September, with construction due to start before the end of the year. Dragoman is owned by its three Irish partners, Larkin, Charles Bergen and Michael Hunt, and has been active in the Romanian market since 2004.

The city of Brasov is home to some 320,000 people and is particularly popular as a ski and golf resort. In recent years, the area has attracted the attention of several other Irish investors, including Sean Mulryan’s Ballymore Developments whose investments there have included a business park and retail development. (independent.ie)