Austrian construction group Strabag bought a land plot on Calea Victoriei in Bucharest, near the Palace Casino building, sources in the real estate market told local daily Ziarul Financiar.

The group reportedly paid EUR 7 mln for the land, on which it plans to develop a hotel and office spaces, the same sources said.

The company increased its turnover in Romania by 10% to RON 688 million (EUR 144 mln) in 2018, according to data published on the website of the Finance Ministry. Its profit soared by over 50% y/y, to RON 7.1 million (EUR 1.5 mln).

Strabag's portfolio of construction works in Romania includes Sky Tower, the tallest office building in Bucharest, and several infrastructure projects. Besides carrying construction works, Strabag is also an investor, owning the 5-star JW Marriott hotel in Bucharest, which they previously built.

(Photo: Romania Insider archive)

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