A Greek investment fund has acquired a 28-apartment package in Linda Residence, a residential compound in the Eastern area of Bucharest, Coldwell Banker, the exclusive agent for the project has announced. The unnamed fund bought a package of apartments made of a bulk of two-roomed units, but which also included three-and four-roomed apartments. The project is developed by RRG – Rivergate Rating Group, a company controlled by two Dutch investors. The investment in this project was of EUR 20 million, according to data from 2008, when construction works started.

The price of an two-room apartment in the compound starts with EUR 56,330, while three-roomed units have an average price of EUR 89,000. Four room apartments are priced at EUR 109,900 (prices without the value added tax). Based on these list prices, the 28-apartment package could value around EUR 1.7 million. Investment funds that buy apartments in bulk are usually offered discounts on the list prices.

Linda Residence is made of 220 apartments in eight low rise buildings. Four other buildings in the compound are dedicated to retail and office spaces. The first phase of the project, some 108 apartments, was finalized and the developers are working on the second phase.

editor@romania-insider.com