The Nusco group has financing for projects worth €100 mln

“We have ongoing projects worth €100 million, which extend through 2010, and we are currently managing these,” said Nusco.

The company worked with the UniCredit and Banca Italo Romena lenders. Nusco added that the Romanian real estate market is no longer as attractive for foreign investors as it was last year and that the only investors interested in entering the market are those who have liquidity and do not require financing.

The Italian group is focusing its development activity on Bucharest, mainly the office and residential segments. The company’s most advanced project is the 20-floor Nusco Towers office building, located near the Aurel Vlaicu subway station. Work on the project began in April 2008 and is expected to be completed in April 2010. The building will cost €50 mln, including the amount paid for the land.

The Nusco group is operating on the Italian and Romanian markets, and has invested €480 million on the local market so far.