Rothschild financial group, which has been active in Romania through the investment fund EdR Real Estate (Eastern Europe), will completely exit the local property market, Profit.ro announced, reporting the exit deal by which an Israeli investor continues the project started by EdR Real Estate.

Israeli developer Shikun & Binui, controlled by diamond merchant Naty Saidoff, took over the last land plot the financial group owned in Romania and will continue the project Rothschild started in Pipera (northern Bucharest).

“I had the option to buy the land of about 20,000 square meters that Rothschild had in Pipera and I bought it recently. They left Romania,” Favi Stelian, Country Manager for Shikun & Binui in Romania said.

The new project planned by the Israeli developer, New Point Villas, is, in fact, the third phase of the development of Pipera Residential Park, started by Rothschild. Rothschild has built 84 villas already. The second phase has recently been completed. The Israeli developer will build 118 villas upon an investment of about EUR 15 million. The prices of villas in the project will start at EUR 155,000, VAT included.

editor@romania-insider.com

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