Nanette will invest €87 million to construct 900 apartments in northern Bucharest

Nanette purchased the land through a subsidiary, initially signing a pre-contract for the acquisition of 31,000 square meters. According to the developer, the land is located in an area in which there is ongoing work on other real estate complexes, and Nanette estimates it will build some 900 apartments covering 90,000 sqm.

"Bucharest is a dynamic city with rapid growth and significant demand for quality housing for the middle-class. The northern area of Romania’s capital is an excellent location for such real estate projects and we expect that demand for apartments will continue to be quite high, said Nanette’s President, Shaul Lotan.

The real estate development company is covering the entire investment for the construction of the 900 apartments, to cost €87 million, and hopes that the sale of the homes will yield €123 million. It is also expecting Lehman Brothers Real Estate Partners, a company with which Nanette has collaborated on several projects, to exercise its right to acquire 50% of this project. (NewsIn)