Real estate developer Globe Trade Center (GTC) was given the building permit for the EUR 100 million City Rose Park office project, which consists in three office buildings with a leasable area of 50,000 square metres.

The project will be developed in northern part of Bucharest (Expozitiei area), local Economica.net reported.

GTC entered the Romanian market before the 2008-2009 recession, but has not developed any new project over the past ten years.

The City Rose Park project is to be built on a land plot of the former Grivita railway equipment plant, where intense redevelopment takes place. Portland Trust raises Expo Business Park office project and Impact develops Luxuria housing project. In addition, the Ana Tower is being built in the area, and Belgian developer Atenor own a land for offices as well.

GTC plans to begin the construction of the first two buildings, which will have leasable areas of 18,300 sqm and 17,200 sqm respectively. The investment in the two buildings is EUR 69.2 million. The two buildings are to be delivered by mid-2021 and the latter in the first half of 2022. The third building, which will have a leasable area of 14,500 sqm, requires an investment of EUR 28.6 million and is in the preliminary planning stage.

editor@romania-insider.com

(photo source: Gtc.com)