Israeli real estate developer invests EUR 20 mln in new Bucharest residential compound

Gindi Group, one of the largest real estate developers in Israel, will invest EUR 20 million in GViTown, a new Bucharest residential compound located in the Mihai Bravu area. The money comes from the company’s sources, according to a statement of the developer. The new complex will have 324 housing units and will be developed in partnership with Real-Sol, a company owned by Shimon Galon, the former CEO of GTC Romania. The developers will build the project in four phases. The first phase will include 81 apartments, studios and 2-room apartments, and is to be completed by spring 2016. The entire complex is to be delivered by end-2017. The housing units will have a starting price of EUR 54,500. “It is a good moment for developers to resume projects started in Romania before the crisis, given that the demand for new homes is still huge while quality developments have been modest in the past six to seven years,” said Shimon Galon. The project will launch at this year’s spring edition of the National Real Estate Fair tIMOn, organized between April 16 and April 19 in Constitutiei Square in Bucharest. In the last 10 years, Gindi Group developed over 5,500 apartments in 12 cities in Israel. The GViTown project is the first of a series of investments that Gindi Group intends to carry on the Romanian market. Irina Popescu, irina.popescu@romania-insider.com