Romanian car dealer invests EUR 20 mln in residential tower

Radacini group, one of the biggest car dealers on the local market, will invest EUR 20 million in the first phase of the Aviatiei Tower residential project, which includes 134 premium apartments and should be finalized next autumn. The project is located in the Barbu Vacarescu-Floreasca office area in Bucharest, close to the Promenada mall and the new Courtyard by Marriott hotel. The office buildings in the area host around 97,000 employees, about 40% of the employees who work in modern office buildings in Bucharest, according to estimates by real estate consultancy firm Cushman & Wakefield Echinox. Aviatiei Tower is also close to the Aurel Vlaicu and Pipera subway stations and has several parks in the area, according to the developer. The project is developed by Radacini Estate, the new real estate division of Radacini group. The group also owns one of the biggest car dealership networks in the country, which sells brands such as Opel, Mazda, Volkswagen, Peugeot, Suzuki, Honda, Citroen, Cadillac and provides service for the Chevrolet and Audi brands. Radacini Motors, the group’s biggest company, recorded a turnover of EUR 45 million and a net profit of over EUR 1 million in 2017, according to official data from the Finance Ministry. The group is controlled by Iranian investor Ali Madadi. editor@romania-insider.com