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Spanish Avantia allocates e90m for Romanian housing projects
Spanish property developer Avantia has started its first residential building on Boulevard 1 Decembrie in Bucharest and plans to kick off two other projects in the second half, an office complex and a residential project. Avantia's shareholders Peyber and private investors have put up equity of e90m to start Romanian projects. Avanti MD Juan Francisco Diaz said the company uses its own funds to start projects and is also looking at using loans. "So far, at least for the 1 Decembrie project, we are in negotiations with banks which would give us 65% of the entire financing but we think we can increase the participation to 70%."