Nusco Imobiliara receives €31.4 million financing from OTP Bank

Business Forum

24 April, 2024 at 12:42 PM

OTP Bank Romania announces the conclusion of a financing agreement with Nusco Imobiliara, in a total amount of €31.4 million, for the construction of the first 3 buildings out of a total of 7 included in the second phase of the Nusco City residential complex, located in Pipera district, Bucharest, 5 minutes away from Promenada Mall.

The second phase of the Nusco City project will include a number of 828 apartments (double studio, two, three, four room and exclusive duplexes), will cover an area of approximately 10,000 sqm of land and will have approximately 46,651 sqm built, including basements, and each of the three buildings will have an elevation of 2S+P+10E+E11 duplex. The first 340 apartments will be delivered in Q3 2025. The total investment for the second phase of the project amounts to more than €130 million.

Nusco City was launched in the winter of 2020 and delivered the first phase, with 622 residential units, in the second quarter of 2023.

On an area of 23 hectares, on the site of the former Pipera platform, Nusco City will accommodate a total number of more than 4,000 apartments, parks, green areas, and infrastructure - which will cover approximately 40% of the entire project area, alongside education facilities, hospital, hotel, dedicated commercial areas, and office areas.

OTP Bank Romania is a strategic partner of the Nusco Group, supporting Nusco Imobiliara and Pinum Doors&Windows, the two companies of the group, with financing over time.

"We continue to support an important and valuable project in the real estate landscape, developed by our partner Nusco Imobiliara - Nusco City - a true urban regeneration project in the Capital. This mix complex will have an impact both in the development of the local business environment and in the creation of solid communities around it. We are proud to be part of this project and we are committed to continuing to provide the necessary expertise and resources to ensure its full success", said Alexandru Neagu, Large Corporate Director, OTP Bank Romania.

"We are delighted to have this long-term partnership with OTP Bank Romania, which provides us with important support during this urban regeneration development. Nusco City is a mixed complex, spread over an area of more than 23 hectares, and it is already becoming an emblem of the city. Basically, we have a small town in the city. We thank our partners for seeing from the first moment the immense added value of this project!", said Michele Nusco, CEO of Nusco Imobiliara.