Michael Israeli and his CITR partners plan new residential project in Bucharest

Real estate developer Vibe Properties, controlled by entrepreneur Michael Israeli and the investment division of the CITR group, is preparing a residential complex with 210 apartments in western Bucharest, on a plot bought from the Aquaproiect design institute.

The works will start as soon as possible, according to the information obtained by Profit.ro.

Last year, Vibe Regie, the company that will develop the project, took over a plot of about 6,600 sqm, dismantled from a larger land owned by Aquaproiect. The design institute approved the sale of the plot in 2017, for a price of at least EUR 2.6 million. The transaction was closed at a higher price, according to Profit.ro information.

The buyer of the land (Vibe Regie) is owned in equal parts by the company of Michael Israeli, known in Romania for the development of the Atrium mall in Arad and by CIT Resources, owned by associates of the Transylvania Insolvency House (CITR), and German entrepreneur Thomas Manns.

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