Real estate developer Red Management Capital will invest EUR 30 million, in partnership with Spanish company Lar, in a residential project in Bucharest.

The project, named Natura Residence, comprises 186 homes and will be completed in the second half of 2008. The project, which will have a constructed surface of 24,000 sqm, will include apartments of one, two and three rooms and it will be built in two phases.

Natura Residence is the first project in Romania by Lar group, but others will follow in the next years, in Bucharest and in other cities, said the manager of the group for Central and Eastern Europe, Jorge Perez de Leza.

The Spanish company plans to develop projects in the commercial and industrial center sector in the coming period. Lar Europa de Este will cover 70 percent of the project’s cost, the rest going to RED Management Capital group.

It is also developing a residential project in the Chitila area of Bucharest, in partnership with Tiriac Investment.

Red Management announced at the end of last year that it would invest EUR 380 million in the following two years in various real estate projects in Bucharest, Iasi, Brasov, Arad, Baia Mare, Timisoara and Cluj.

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