Nanette buys Bucharest lots for 2 residential projects

Nanette Real Estate Group NV (AIM:NAT) has bought land for two residential projects in the Romanian capital, Bucharest. Nanette is controlled by Olimpia Real Estate Holdings Ltd. (TASE: OLMP) and Meshulam Levinstein Contracting and Engineering Ltd. (TASE:LEVI).

Nanette has bought 10,000 sqm. in Lacui Morii, Bucharest, on which it plans to build 310 apartments, with an average size of 100 sqm. per apartment for €29 million. The company estimates proceeds from the project at €37 million.

Nanette also bought 1,400 sq.m. in Savinesti, Bucharest, near the city center, for €1.78 million, and also signed a preliminary agreement to buy half of a 7,400-sq.m. adjacent lot. The company plans to build 400 apartments on the consolidated lot at an investment of €23 million. The company estimates proceeds from the project at €30 million.

Nanette added that it expected Lehman Brothers Real Estate Partners, which is a partner in other company projects, to exercise its right to acquire half of the two latest projects.

globes.co.il