Baba Novac Residence will be the new real estate project developed in Bucharest by SIF Moldova (SIF 2) in the place of the ‘Tesatoriile Reunite’ factory, an annoucement sent to Bucharest Stock Exchange (BVB) informs.
The project value is around EUR 34 million, with financing from own sources and bank loans and the sale of apartments will start in the second half of June 2017. Its completion is expected to be in the spring of 2019.
Baba Novac Residence is located in the south-eastern part of Bucharest, in Titan neighborhood, close to the Baba Novac crossroad, facilitating the access to the surface and underground public transport network (Metro Dristor), which ensures the interconnection with all the areas of the city.
It also has fast access to Park Lake Mall, Titan/IOR Park, nurseries, kindergartens, schools.
The residential complex consists of 6 blocks with 8 floors, of which three are tower blocks and three blade blocks, with a total of 363 apartments and 436 underground and above ground parking spaces
SIF Moldova will recover its investment by selling the apartments at a higher yield than the financing cost, in accordance with the investment policy approved by the shareholders.
The general contractor is Octagon Constructing & Engineering, the project manager is Vitalis Consulting. For the sale of the appartments there were contracted the services of Coldwell Banker.
Starting with 2015, SIF Moldova has initiated the development of a portfolio with private equity investments, with a focus on real estate and agribusiness sectors.