German-based GLL Real Estate Partners, administrator of Accession Fund, which recently purchased the Charles de Gaulle Plaza building in Bucharest, will invest about 70 million euros in two new real estate projects in the capital. Metropolis Center, one of the projects, is a multifunctional center that will include office, retail and hotel spaces. The total constructed area will be 27,000 square meters. Austrian-based Soravia Bautrager is the developer of the project and has scheduled completion of the project in two years.

The complex will have 7,000 retail square meters, 11,000 square meters of office space and about 80 hotel rooms. GLL is holding talks with an existing operator on the Romanian market for the development of the hotel spaces. The company will also invest 20 million euros in a new office building with a 7,000 square meter surface next to the Charles de Gaulle Plaza. The company is analyzing other investment opportunities on the Bucharest market: "There are many office building projects in the north and center of Bucharest which will be finalized soon. We will continue to invest in Romania. Our shareholders have given us the green light to make other investments on this market," said George Leslie, GLL head of acquisitions for Eastern and Central Europe.

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