Nanette to put EUR 48 mln into Timisoara residences

Newsroom 18/09/2007 | 16:30

The first project, Zigaine, will be built on an 18,000-sqm plot and will feature some 550 apartments, an overall 46,000 sqm of built area. Investment will reach some EUR 39 million. The company is planning to sell the apartments in the project for a total of EUR 51 million.
The second residential project, Siat, will have 11,500 built sqm and will comprise 125 apartments. The developer has allotted some EUR 9 million to the project, hoping to achieve around EUR 3 million in profit after selling it. Private equity fund Lehman Brothers Real Estate Partners, which has already invested with Nanette in previous projects, has the option to acquire half of each of the two recently-announced residential projects.
At the end of February, Nanette announced plans to acquire an 18,000-sqm plot in Bucharest in a EUR 4 million deal. The developing company was planning to raise 675 flats on the plot. Besides Romania, Nanette is present in Poland and Hungary, with over 75 percent of its investments being carried out in Poland.

Corina Saceanu

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