Austrian construction group Strabag has decided to enter the Romanian real estate development market by taking over the local team of real estate developer Raiffeisen Evolution. The new employees will become part of Strabag’s Romanian branch and will constitute a separate department.
Raiffeisen Evolution developed Sky Tower, the tallest building in Romania, and the shopping centre Promenada, sold last year to the investment fund NEPI for €150 million.
“We enter the Romanian market with this experienced team that has already developed the Sky Tower and the Promenada Mall in Bucharest. This is why I am certain that we will also develop successful projects in Romania – as we are doing it steadily in Germany and Austria,” said Thomas Birtel, Strabag’s CEO. The group’s representatives see great potential in Romania’s real estate market. Strabag is already one of the biggest construction companies in Romania. Last year, its local construction business was close to €170 million.
Strabag holds a 20 percent stake in Raiffeisen Evolution, together with Raiffeisen Zentralbank Österreich AG (RZB) (40 percent), Raiffeisen-Holding Niederösterreich-Wien Reg. Gen (20 percent) and UNIQA Versicherungen AG (20 percent). Strabag is already active in real estate developments in Austria and Germany.