Romanian investor Alexandru Bercea from Arad, the owner of Alber Holding, and Michael Israeli, the founder and owner of Atrium Group, which built the Atrium mall in Arad, have launched a new company, Vibe Properties, which aims to develop residential projects in Bucharest.

They plan to invest EUR 55 million in their first two residential projects in Romania’s capital, local Economica.net reported.

“We have decided to focus on Bucharest because it’s the biggest market in Romania, the most stable and with potential. In Bucharest, apartment and land prices are under the 2008 levels while in other markets, such as Cluj-Napoca, prices are over the levels before the crisis,” said Michael Israeli, CEO of Vice Properties.

The company’s first two projects will be located near the office hubs in Pipera and Regie.

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