Office developer looks for associate for residential project in Romania

Portland Trust, one of the biggest real estate developers in the local market, is looking for an investor to build a residential project on a 50-hectare plot in Moara Vlasiei, near the A3 Bucharest-Ploiesti highway. The complex would include minimum 400 single family homes and several small apartment buildings, reports local Wall-street.ro. The group has focused only on office projects but now wants to start its first residential complex. However, Portland Trust wants to find an associate to develop the project in a joint venture. Portland Trust bought the plot in 2008. It also has a 197-hectare plot near the A1 Bucharest-Pitesti highway, which is suitable for industrial and logistic development. The developer is currently working on the Oregon Park office project in the Barbu Vacarescu area, in the north of Bucharest. The first two buildings in this compound should be delivered this fall while the overall completion is scheduled for 2018. editor@romania-insider.com