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Esplanada hits the final stage

25 April, 2008.

Budapest, April 24, 2008  TriGranit Development Corporation welcomes the decision of the Government of Romania giving the green light for the contract signing of the Esplanada project.

„The negotiation process was long and very complicated for all parties, but the result is remarkable. The contract offers advantages for everyone involved. We’ve made serious steps, and hope to start the construction in the second half of 2009” – commented the decision Dan Ghibernea, country manager of TriGranit Development Romania.

The very next step will be taken by the Ministry of Development, Housing and Public Works by transferring the contract to the Bucharest City Council.

Esplanada is a €1bn private investment on 10,7 ha plot around the Unirii boulevard in Bucharest. The project will incorporate cultural and shopping center, office and residential buildings and hotels on 800 000 sqm. 20% of the whole area dedicated to green zone, and 270 000 sqm is planned for parking area.

After 49 years the entire complex and its ownership right goes to the State of Romania.

TriGranit is a fully integrated real estate investment, development and management company. With operations in 11 countries in Central and Eastern Europe, a large portfolio of completed trophy assets, and a pipeline of over EUR 8,5 billion of major mixed-use developments, as well as a number of public private partnership (PPP) investments, TriGranit is well positioned to participate in the expanding real estate markets.

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