Belgian entrepreneurs open real estate investment fund in Romania

Belgium entrepreneurs Jan Demeyere and Didier Balcaenl want to launch a EUR 100 mln real estate fund and develop projects worth EUR 400 mln in Romania, through their real estate development company Speedwell, Profit.ro reported.

They have already invested EUR 85 million for “wealthy Belgian families” into residential projects worth a total of EUR 300 mln in Bucharest, Cluj-Napoca, and Timisoara, according to Romania-Insider.com.

The first properties developed, worth EUR 300 mln, include 1,600 apartments and 60,000 square metres of office spaces in the three cities.

The developer envisages another 3,000 apartments financed by the EUR 100 mln fund. The residential projects would be placed in the vicinity of existing office or retail projects.

“The fund will be activated in October, with EUR 50 million, collected only from Belgium. Some English and Romanian investors are interested as well, but we are still in the discussion phase. By the end of the year or the beginning of 2020, we should reach a capital of EUR 100 mln,” said Didier Balcaen, one of the Speedwell owners.

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