Immorent Romania, the real estate
leasing unit of Austria’s Erste Bank Group, will invest €300m in a
real estate project in the capital city, Bucharest. The investment
will be jointly provided by Romania’s second largest oil company,
Rompetrol Group NV, which has an enterprise value of US$3.6bn, and
the family of oil tycoon, Dinu Patriciu. The project, entitled
‘smart city’, will include a surface of 150,000 square meters in
the northern part of the city, and should be initiated in mid- 2009
taking seven to eight years to complete. Immorent provides real
estate and equipment leasing services.