Integrated Real Estate Developer 2005 – 2008
- Established by 4 founders including CEO & CoB
- Purchased land in Bucharest & Constanta
- Developed residential projects and started building three projects
- Raised in total EUR 80 million. Listed on OSE – Axess
- Market cap. NOK 1.2 billion at peak
Scale down and preserve cash 2008 – 2011
- Two development projects aborted. Finalized and sold one apartment building
- Cut operating costs and scaled down organization
- New strategy: Back to land banking
- Founder Thorkildsen became CEO
- Extension of Alpha Bank mortgage loan
- Market cap. of NOK 80 million YE 2011
Realize values 2011 – 2017
- Cost focus
- Focus on developing max. salability of each plot
- Sale of land plots
- Refinanced Alpha Bank loan in 2013
- Rights issue of EUR 1.5 million (2013)
- Two new, independent Board members appointed in 2014
- Mr. Kjetil Gronskag appointed CEO in 2016
Development Prospects 2017 – Today
- Landmark sales of Mamaia Nord and Lake Morii for EUR 17.75 million plus VAT in March 2017
- Total external debt EUR 11.6m in Alpha Bank was fully repaid.
- New, independent Board member appointment
- Upgraded landbank and updated marketing strategy
Market capitalization and NAV development (NOK million)
The Board of Directors of RomReal is responsible for the supervision and administration of the Company’s affairs and for ensuring that the Company’s operations are organised in a satisfactory manner.
BOARD OF DIRECTORS
Kjetil Grønskag (1964) – Chairman of the Board and CEO of RomReal Ltd
Mr. Grønskag holds a master of General Business (siviløkonom) from Handelshøyskolen BI and is a Certified Financial Analyst (CFA) from the Norwegian School of Economics and Business Administration. Mr. Grønskag has a long experience within international banking and Real Estate. Mr Gronskag has significant Directorship experience from both listed and private companies. He is a Norwegian citizen and resides in London, UK.
Bendt Thorkildsen – Board Member
Mr. Thorkildsen holds a Master of Science (MSc) in International Marketing and Strategy from the Norwegian School of Economics and Business Administration. Mr. Thorkildsen has more than 20 years with varied experience with particular focus on business development/sales (IT). During the last 10 years Mr. Thorkildsen also has held various Directorship including in the real-estate industry. He is a Norwegian citizen.
Lacramioara Isarescu – Board member
Ileana Lacramioara Isarescu is a corporate professional with over 15 years of international experience in business development in real estate, finance and IT. Having worked in Vienna and New York, Ileana is currently the Governmental Programs Executive for IBM South East Europe, and resides in Bucharest, Romania. Ileana holds a MBA degree from Harvard Business School and a MSc in International Economics from the Academy of Economic Studies Bucharest.
Heidi Sørensen Austbø (1982) – Board member
Mrs Austbø is a State Authorised Public Accountant from Handelshøyskolen BI in Oslo. Mrs Austbø has 14 years experience from both financial auditing and fund management with Norwegian and global equities, working for KPMG and long equity funds at Terra Fondsforvaltning and Arctic Fund Mangement. Mrs Austbø also has directorship and CEO experience from privately held companies. She is a Norwegian citizen and resides in Oslo.
Adrian Cristea – CEO of Westhouse Group
The Board of RomReal has appointed Mr. Adrian Cristea, as CEO as of 20 Oct. Mr. Cristea has been the Company’s legal advisor since 2005 and a well-respected lawyer and citizen of Constanta, Romania. He was born in Medgidia, Romania on the 25th June 1961, and his education profile includes the Merchant Marine University, Constanta (1984); the Law University of Bucharest (Law degree, 1994). He was admitted in the Romanian Bar Association in 1996 year. Mr. Cristea is specialized in all aspects of real estate transactions, mergers and acquisitions as well as general corporate matters. He has been involved in many major real estate projects to have taken place over the last years in Romania, and he assisted RomReal and all its subsidiary companies from 2005, the year when the first subsidiary was registered in Constanta, Romania. He was involved during the last 10 years in the daily operations of all Romanian subsidiaries. Mr. Cristea has a long experience in dealing with customers and real estate brokers in Romania and he is regularly attending international Conferences all over the world upholding a network of many business lawyers and important investors.
Claudia Oprisan – Authorised Accountant of Westhouse Group
Mrs. Oprisan is the Chief Accountant of Westhouse Group. Mrs. Oprisan has 25 years of experience in financial management of several companies from real estate domain, construction and repairs of ships, maritime insurance and production. Mrs. Oprisan has a Master degree in Management and Business Administration. Mrs. Oprisan has a postuniversity degree in IFRS, financial auditor, being member of Chamber of Financial Romanian Auditors, expert accountant as an executive member in the board of Romanian Expert Accountants Camera. Mrs. Oprisan is a Romanian citizen, and resides in Romania.
Harris Palaondas – Investor Relations and Secretary to the Board
Harris Palaondas has 15 years of proven track record in operations management and business development in Cyprus, Romania and Hungary. His work experience is mainly from multinational corporations like Alison Hayes-UK (four years), Ralley Group-Fra (three years), and North Bridge Group (8 years). Currently acting as Chief Operating Officer of SofMedica with focus on operations management and sales & marketing. Professional working proficiency in English, Greek, Romanian, and French. He holds an MSc with specialisation in Operations and Risk Management and a BSc in Marketing Management.