Romania’s Akcent Development Group, specialized in the development of residential and office projects in Bucharest, recorded a turnover of €48 million in 2020.
The improved results were backed by the completion and sales of apartments in its Cloud 9 project. The higher turnover was also supported by rent income from two office buildings located in central Bucharest.
“This year will be quite atypical, considering that we expect an income increase from the leasing of office spaces and a higher occupancy rate, while also expecting a decrease in the income generated by the residential segment, given that more than 70% of the Cloud 9 apartments have already been sold. In this context, we aim to start a new large-scale residential project before the end of the year, which will bring the group's turnover back on an upward trend,” says Laurențiu Afrasine, CEO of Akcent Development.
The group has a portfolio comprising around 7,500 apartments that were completed in 20 years of operation.
Sign up today for the latest news