Portland Trust Bought 4 Hectares of Land for Office Development in Bucharest

The real estate development company Portland Trust, founded by the British businessman Robert Neale, bought four hectares of land in Bucharest in Pipera area, planning to develop a new office project estimated at 100-150 million euro. The land plot was bought from the Italian group Nusco in a deal estimated at about 20 million euro (average price of 500 euro/ square meter). Robert Neale now plans to start the works on this project, named Oregon Park, by the end of this year.

According to Neale’s statements, the project will have three buildings with six floors each and an overall lease surface of 70,000 square meters. The works on the first two buildings (45,000 square meters) should start by the end of this year and should be completed at the middle of 2016.