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Former Polimeni head founds real estate firm
Real estate news By Catalin Lupoaie
26 Sep 2007
Stefan Gheorghiu, a former country manager with US-based Polimeni, which has recently withdrawn from the Romanian market, has set up his own real estate development company and plans to carry out projects worth 220 million euros.
"The new company will develop real estate projects for investors who own land in Romania and don't have any experience in developing a real estate project on their land, and don't have the time or necessary financing. So far, we have signed agreements to develop seven projects with total investments worth approximately 220 million euros," stated Stefan Gheorghiu, who has teamed up with Mircea Stoian, a businessman who boasts ten years of experience in the constructions sector.
Gheorghiu (age 34) formed Teg Ron Consulting as a fee developer (a company that develops projects on land already owned by a separate entity, without owning a stake), and will enter a sector that is just starting to take shape on the domestic market. Most developers on the domestic market are own developers, which acquire a piece of land and hold a stake in the project.
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