Property in Romania

Nanette in €123m Bucharest residential project

Nanette Real Estate Group NV has bought a 31,000-square meter lot in northern Bucharest. The company plans to build a 900-unit residential complex on the site for €78 million, and expects €123 million in total sales proceeds.This is Nanette’s third project in Bucharest and its fifth in Romania. The company expects that Lehman Brothers private equity fund Lehman Brothers Real Estate Partners II will acquire half of this project, as it has already done with other company projects. The two companies collaborate through a joint company, Robyg SA.

Date posted: November 16, 2007