Europa Capital announces that its Vitan Residence 2 residential project, in south-central Bucharest, Romania, has successfully contracted for disposal of all of the 150 apartments that comprise its first phase. The first of a three-phase project, Phase I was completed at the beginning of 2013 and has sold out just 15 months after the launch of its sales programme. The second phase of Vitan Residence 2 (80 apartments) is due to be handed over to buyers this summer, with the third phase of another 150 units scheduled to begin construction in Q3 2014.
Vitan Residence 2 is the first residential development associated with Europa Capital’s Emerging Europe Fund. This investment was made in joint venture with RPF Group, a Romanian/US-owned firm which has been active in the Bucharest residential market since 2005. Vitan Residence 2 is a project within the Bucharest Residential Programme, which Europa Capital and RPF Group created to address the chronic undersupply of new and modern apartments in this important SEE capital city.
The Vitan Residence 2 project was also recently named the winner of the “SEE Residential Development Project of the Year”, as selected by a panel of real estate professionals organized by EuropaProperty at its 9th Annual SEE Awards Gala, which was celebrated recently in Bucharest.
Erik Gustafson, Director, Head of Asset Management at Europa Emerging Europe Fund said, “Early on, we identified the business opportunity that existed in the Bucharest residential market and, together with our local partner, RPF Group, we are able to supply the growing demand for well-designed, affordable housing. The award for SEE Residential Development Project of the Year is a fantastic recognition of the excellent development skills and dedicated hard work that RPF has employed to make the Vitan Residence 2 project so successful.”
Source: Europa Capital