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Nusco Imobiliara receives 31.4 million euros in financing from OTP Bank Romania for the development of three buildings within the second phase of the Nusco City project

2024-05-02 - Events, News, OTP Group

OTP Bank Romania announces the conclusion of a financing agreement with Nusco Imobiliara, in a total amount of 31.4 million euros, 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 m2 of land and will have approximately 46,651 m2 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 euro.

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.


About OTP Bank  

OTP Bank România is the subsidiary of OTP Group, a universal bank with a strong presence in Central and Eastern Europe, offering comprehensive financial solutions, active in both retail and corporate segments. As of 2019, OTP Bank is going through a broad transformation process, through which it aims to grow significantly across business segments and also create a better customer experience. With a growing team that embraces change and leverages its potential, OTP Bank Romania is building a culture of trust at every level of the organization. The bank ranks 9th, by assets, in the ranking of banking players in Romania, according to the latest NBR data. In Romania, the members of the OTP Group are: OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors and OTP Bank Romania Foundation.

About Nusco Group

Nusco Imobiliara is one of the biggest real estate companies in Romania and one of the most active at the local level, according to the number of residential units delivered annually, with many other projects currently underway. Nusco Imobiliara exceeded the milestone of 1,300 developed apartments. Other reference projects of Nusco Imobiliara would be: Premio – premium boutique residential complex; CITTA Park residential complex; the Nusco Towers office building; Caramfil office building; the Floreasca One office building; the Floreasca Two office building; Pipera Commercial Park, Nusco City Phase 1; Nusco City Phase 2 – launched and under development; Nusco City Phase 3 – ready for launch and in full development of the newest complex of villas in the North of the Capital – Nusco Homes.

The Nusco Group also includes the company Pinum Doors & Windows, which has been present in Romania since 1992 and is one of the largest producers and traders of doors, windows and parquet at the local level. In all the areas where the company has expanded, the positive impact on the local market was not to be expected, a fact for which Romanians consider Pinum Doors & Windows a reference brand for over 30 years. Currently, Pinum Doors & Windows has 27 showrooms in Romania.


For further information:
Communication Team  
OTP Bank Romania, www.otpbank.ro 
E-mail: comunicare@otpbank.ro