British firm invests EUR 40 mln in residential complex near Bucharest

Real estate developer Loreco Investments, a family business founded by Romanian investor Ray Muraru in the UK, has invested EUR 40 million in a real estate complex in Balotesti, near Bucharest.

The project called Dumbrava Vlasiei is located on a 90-ha plot. The development plan provides five villages connected by a green corridor, reports local Ziarul Financiar.

It is the first project developed by Loreco Investments in the local market. The company previously developed similar projects in the UK.

For the residential project in Balotesti, Loreco collaborated with the British urbanist Donald McCreadie. The project’s first phase includes 140 plots of land which have complete infrastructure (water, sewage, electricity, fiber optics). The houses should be finalized in the next three years.

The first four houses have already been bought and will be delivered next year. The houses are produced by German company Huf Haus and their prices start at EUR 250,000.

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(photo source: Dumbravavlasiei.ro)