Italian investor begins first phase of EUR 70 mln residential project in Bucharest

Nusco Imobiliara, a local real estate developer controlled by the Italian Nusco family, has started its newest residential project in Bucharest's Pipera area, Ziarul Financiar reported.

The developer is currently working on the structure of the first phase, which will be carried out with an investment of about EUR 30-40 million, according to sources familiar with the project.

The first phase of Nusco City will consist of four buildings with a total of 310 apartments and will be delivered at the beginning of 2022. The second phase, similar to the first phase, will include another 310 apartments to be completed by spring 2023.

In 2002, the Nusco family bought the former Pipera furniture factory in northern Bucharest. The Italian investors kept part of the production facilities under the company Pinum Doors & Windows, and sold part of the factory's land to real estate developers. Nusco Group also developed an office building – Nusco Tower, sold to Globalworth in 2014.

(Photo: Nusco City Facebook Page)