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Hagag purchases three properties

Alex Hayes 20 March 2018

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Hagag purchases three properties
Hagag has purchased the former HQ of Petrom
ROMANIA Israeli developer Hagag Development Europe has purchased two buildings on Calea Victoriei in Bucharest and a plot of land of over 3 ha near Pipera forest in a EUR 20 mln investment.

The former Petrom headquarters at Victorei 109 together with the building at H Victoriei 139 are to be redeveloped in a further investment worth around the same as their purchase price.

"We have chosen Romania because we have identified a market here with considerable development potential, many opportunities and visible economic growth.We entered the market 2 years ago but until the present moment we have been focusing on asset acquisition.We have devoted a great amount of time into the property acquisitions and we have not accepted any compromises. So far, we have invested over EUR 20 mln, and this year we plan to invest a further EUR 50 mlm in procurement and development", states Yitzhak Hagag, the president of Hagag Group.

"Whether we are talking about new constructions or about renovating and upgrading existing buildings, the most important thing for us is the quality. As for our commercial projects, the space will benefit from all the amenities that modern buildings offer their tenants,” added Andreea Hamza, the head of marketing and sales at Hagag Development Europe.

Together with the EUR 90 mln Hagag is investing in its Pipera lake project, the company intends to invest over EUR 150 mln in Romania.

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