Moritz Holdings, a real estate company that entered the market discretely last year, is developing a project estimated at over EUR 60 M in Victoriei Square area in the Capital City.

Moritz Group thus joins other Irish players on the real estate market, such as Ballymore or RI Investment Group. “Our first project will be a mixture of office spaces and flats, placed in the central area of the city. This project will worth over EUR 60 M, depending on the plans we will have for this location,” Alex Brett, a shareholder in Moritz Holdings, one of the main developers in Ireland and Great Britain stated for ‘Ziarul Financiar.’ “We are interested in a large range of projects, from office buildings to residential and retail projects. We look at all projects on the market, no matter the size. We are also interested in other areas from Romania too. In fact, Moritz Holdings has already invested in other cities across the country, in order to develop commercial centres,” Alex Brett explained.

The legal consultancy of the Irish group here is provided by the law office Dragomir & Asociatii, which is among the first 15 players in terms of turnover. Moritz Group, with net assets worth over EUR 500 M, developed real estate projects in Ireland, Great Britain and Hungary, as starting September 2005, has started studying the real estate market in Romania. Last December, it established its own company, Victoria Ltd, and purchased an 8,000 sq m piece of land on Alexandru Ioan Cuza Street, in Victoriei Square area. “In the next five years, we will invest over EUR 50 M. We are interested in sharing this investment with some of the local banks, which expressed their interest in associating with us,” Brett also mentioned. In the last two years, the Romanian real estate market, rated at this moment as one of the most attractive business opportunities in Europe, has entered the attention of the Irish investors, who invested in office and commercial spaces field, and now are focusing on the residential segment. “I think Romania is an unknown market for Irish developers. We are a few in Romania, but not as many as we are in Hungary or Poland. Romania’s European Union accession will be an important factor in this matter,” Moritz Holdings’ official said. Alex Brett and Michael Whelan are associates and managers of Victoria Ltd Company from Bucharest. The two are also among the Moritz Group shareholders.

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