Ablon Group, a leading real estate owner and developer in Central and Eastern Europe, announced yesterday that it has completed the acquisition of a new 40,000 m[sup]2[/sup] plot of land located in the Pipera District of Bucharest for a purchase price of EUR 18.5 mln. Ablon has obtained building rights for 120,000 m[sup]2[/sup] on the plot and plans to develop the site for residential housing, offices and a retail complex. The company plans to construct approximately 1,000 apartments, taking up 72,000 m2, with offices and retail space being constructed on 28,000 m[sup]2[/sup] of space. The project is expected to generate total revenues of EUR 185 to EUR 205 mln.
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