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Spanish Prasa and Detea invest €450 mln in Constanta Project

The Spanish companies intend to develop a mixed-use project, consisting of office space, hotel, retail centers and residential units, with a built surface of approximately 380,000 square meters.

The investment amounts to €450 million ($604 million). Construction works will start in early 2009. Detea Group entered the Romanian market in 2005 with three of its four divisions: real estate, energy and environmental, and agricultural. The group’s investments in Romania will amount to €680 million ($914 million), according to a company announcement. Detea Group’s portfolio includes projects in Spain, Portugal, Ukraine, Mexico, Chile, Poland and Argentina and its assets are estimated at over €1 billion. Grupo Prasa is present in Romania since 2005 and its portfolio includes projects in Europe, South America and North Africa. (