“Having completed the Baneasa Shopping City, the first phase of Baneasa Business & Technology Park as well as the first few hundred apartments of Baneasa Rezidential, I felt that it was time for some new challenges”, said Michael Lloyd (photo).

Michael Lloyd will remain a board member of Baneasa Development SRL, the owner and developer of Baneasa Shopping City, but holds no further executive responsibility for the development of the overall project.

Moreover, Michael Lloyd decided to set up a new fund management vehicle which will have a wider geographic focus, including the Balkans and the Black Sea basin.

As for Baneasa Project, executive decision making were decentralized to the level of each of three divisions: residential division coordinated through Baneasa Investments; office area coordinated through Baneasa Business & Technology Park, Baneasa Shopping City coordinated through Baneasa Developments, all three division being overseen by the supervisory board.

Michael Lloyd has been actively involved in the Romanian real estate market since 1992, originally as an advisor to the President of the National Agency for Privatization, then for the President of the Romanian Development Agency.

loyd was previously a partner of Jones Lang LaSalle and has worked both in Eastern and Western Europe, including two years in Warsaw and Prague.