Avangarde group aiming to take over troubled Romanian developer Nordis

Romanian real estate developer Nordis, which was embroiled in a national scandal at the beginning of the year for allegedly defrauding clients of EUR 200 million through a pyramid scheme, announced on Monday, September 22, that a new strategic investor is looking to take over its business. The investor, the Avangarde Group, is also active on the real estate market and aims to acquire Nordis Mamaia SRL and Nordis Management SRL, the main companies in the group.

Ştefan Unchiaşu, Avangarde administrator, says that the final decision will be made following detailed legal, technical, and financial-accounting analyses, which will be done by the end of the year, News.ro reported.