Ablon buys Bucharest plot

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Date: Monday 14 Jul 2008

LONDON (ShareCast) - Central and Eastern Europe focused property developer Ablon has acquired a plot in central Bucharest, Romania.

The plot covers 1,840 square metres and is located in the city’s second sector, between the old and new financial districts.

Ablon has obtained building rights to develop an 11,000 square metre class “A” office building on the site. The total development cost of the building is expected to be in the region of €15m.

Construction work on the new building is scheduled to start within the next 12 months and should take 24 months to complete.

Ablon expects the project to generate revenues of around €2.4m per annum.

The project is Ablon’s sixth development in the Romanian capital.

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