Israeli Nanette in Bucharest residential project

Deals

Nanette Real Estate Group NV has bought a 31,000-square meter lot in northern Bucharest, plans to build residential complex.

The company plans to build a 900-unit residential complex on the site for €78 million ($114.5 million), and expects €123 million ($180 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. Nanette has a market cap of ₤200 million. It is controlled by Olimpia Real Estate Holdings Ltd. and Meshulam Levinstein Contracting and Engineering Ltd. (globes.co.il)

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