"MPC Properties" to invest 550m EUR in real estate construction in Serbia and region

Company "MPC Properties" will invest about 550m EUR in real estate construction in Serbia and in the region prior to year 2009.

Representatives of that Serbian company, of which part-owner is investment bank "Merrill Lynch" since recently, said at the press conference in Belgrade that the major share of that money would be ivnested in construction of business and apartment facilities in Belgrade and other parts of Serbia, and that one part would be intended for investments in neighboring countries.

Manager for Global Investments in "Merrill Lynch", Robert Švajcer, said that the trade center within complex "Ušće" in Belgrade would be finished by the end of the year, and that construction of the second tower would follow.

He did not specify the value of these two investments, but "MPC Propertes" announced calculations earlier and, according to them, Trade center "Ušće" on 130,000 square meters will cost 150m EUR, while twin towers will cost 40m EUR

Confirming that "Merrill Lynch" will participate in all projects of "MPC Properties", Švajcer estimated that there were two possibilities for new investments - attractive facilities of Department Stores "Beograd" and construction of new business and apartment facilities.

However, he said that there had not been any contacts and talks with company "Verano", the buyer of Department Stores "Beograd", about cooperation in rehabilitation and later use of those real estates, but he also pointed out that that company was willing to start such collaboration.