The investments of Iulius Group
, a company held by Iulian Dascalu
, on the Romanian real estate market will reach 350 million euros until 2009.
...Bucharest is not a target, because there already are enough projects in development there," stated Iulian Dascalu, chairman of the Iulius Group.
The moment we want to expand more, we may bring a foreign partner," Dascalu
has borrowed about 80 million euros from banks, according to the latest available information. Iulius Group
will invest 50 million euros in the development of a shopping complex in Suceava, to take up 110,000 square metres.
"As far as the Suceava shopping centre is concerned, we are still working on the design and expecting construction permits from the City Hall.We will invest about 50 million euros in the first phase of the project, and depending on how it goes we will reach about 100 million euros," Dascalu
says.The mall in Suceava will be the fourth built by Iulian Dascalu
, after those in Iasi, Timisoara and Cluj.
says the mall in Suceava will be delivered one year after receiving the construction permit.The complex will be located on a plot of land that belonged to the syringe manufacturer Famos Suceava, which Iulius Group
bought at an auction for 2.9 million euros last year.
"The mall in Suceava will be in an important commercial node in Moldova and will also attract people from the nearby cities, such as Botosani or Piatra Neamt," Dascalu
most important investment is the Palas project in Iasi, which will entail costs of about 150 million euros over the next three years.
"The Palas project, located behind the Palatul Culturii (Culture Palace), will include a complex of flats, a pedestrian shopping street, two office buildings, a theatre, a skating rink and a three hectare park," Dascalu
The project will be developed in partnership with the Iasi City Hall.