Romanian businessman starts fourth phase of his Residenz residential complex near Bucharest

Tiriac Imobiliare, a real estate developer owned by Romanian businessman and former tennis player Ion Tiriac, will begin work on the fourth phase of Residenz residential project in Chitila, near Bucharest. This phase will comprise 12 buildings with 132 apartments, reports local Economica.net. Residenz, developed by Tiriac Imobiliare and LBBW Immobilien, currently comprises 364 apartments and its occupancy rate reached 96%. "The residential sector has seen encouraging signs this year. We keep our optimistic estimates and we rely on an increasing number of transactions and a high development of the last quarter of 2014,” said Tudor Mihai, commercial director Tiriac Imobiliare. Irina Popescu, irina.popescu@romania-insider.com (photo source: residenz - cartierul german on facebook)