First Property Group abandons exit from Romania

by   CIJ News iDesk V
2023-01-10   12:21

The British investment fund First Property Group has rethought its business strategy on the local market. If half a year ago the group started the exit from Romania by selling the last warehouse it owned in the country, now Ben Habib, the CEO of First Property Group, stated that the strategy is to continue investing in the market local.

"6-7 months ago, when we announced the start of the exit procedure, inflation and interest rates were just starting to rise. But now we have reached extremely high inflation and interest rates, and the global economy has registered a major setback. So we were no longer actively looking to sell the rest of the properties we own in Romania. On the contrary, we are looking to buy more properties. With a market that is falling it is now more interesting to buy than to sell. Now is a good time to buy more properties in Romania," said Ben Habib, CEO of First Property Group.

The group wants to continue investing in Romania also in office buildings, commercial spaces, warehouses or even in the acquisition of retailers. In Romania, the Group also owns an office building of 3,000 sqm in the area of Victory Square, and the Maestro Business Center in Cluj-Napoca.