"I am optimistic about the Bucharest residential market".

Murat Kavurga

Fast developing Turkish property market has given rise to powerful domestic real estate companies, who are now seeking international exposure across the Balkans, and even in countries like Ukraine and Moldova. One of them, an experienced residential and resorts developer, with operations also in the tourism, brokerage and asset management businesses, has recently embarked on a Romanian expansion with its Cosmopolis project, a mini-city development to the north of Bucharest.

In order to find out details about the latest developments in Cosmopolis, Property Xpress contacted Murat Kavurga, CEO of Opus Land Development SA, the company in charge of the project, owned by Turkey-based Buyukhanli Group. With regard to which of the commercial developments equity partnerships and structured financing agreements could be entered? What encouraged Opus Land Development SA to start the second phase of the project? Why has the company turned down the proposals of two international investment banks to enter mezzanine finance and equity participation deals with them at the project’s initial stages? How will Opus Land Development SA further co-operate with Romanian and international banks? What will the prices per sq. m of Cosmopolis next stages apartments be? What is driving the development of the Stefanestii de Jos area and north Bucharest in general?

Moreover, Mr. Kavurga provides answers to questions such as: Why did Buyukhanli Group decide to start an international expansion? What are the advantages that the Romanian property market offers? Did the company encounter any problems when starting Cosmopolis? What will the Turkish Group’s initiatives in the areas of consumer financing, brokerage and asset management in Romania be? Is there any risk related to the dynamic development of the Romanian real estate market? Where will the company’s next property ventures be?



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