Local developer Metropolitan Residence will buy the 3.3-hectare industrial platform Turbomecanica in western Bucharest, for EUR 5.1 million, reports local Mediafax.

Last summer it purchased a 13.8-hectare plot on the site of the former factory Policolor in southeastern Bucharest.

Local businessmen Robertino Georgescu and Dan Dragulin own Metropolitan Residence. The two built as individuals about 1,500 apartments in Popesti-Leordeni, south of Bucharest.

On the Policolor plot, the developers will erect a housing compound which will stretch over 150,000 sqm and will include about 6,000 apartments. The project is due by 2017 and the total investment will exceed EUR 100 million.

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