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 organised 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.”
Notes to Editors:
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Director, Head of Asset Management, Emerging Europe
Phone: +44 (0) 20 7881 6860
Gordon Simpson/ Charlotte Whitley/ Claire Scicluna
Phone: +44 207 251 3801