Developer Urban Spaces seeks EUR 1.3 mln for Bucharest build-to-rent project via Growceanu

Romanian residential developer Urban Spaces announced the launch of its first public fundraising campaign, seeking EUR 1.3 million for the build-to-rent component of its Urban Spaces Aviației project in Bucharest. The campaign is being conducted through Growceanu, a regulated Romanian investment platform for private companies.

The funding round, open until September 30, represents 20% of the capital of the Urban Spaces BTR company and is open to both individual and corporate investors.

Urban Spaces BTR is part of the mixed-use Urban Spaces Aviației development, the company's largest project to date, with an estimated value of EUR 150 million. The overall project will comprise more than 400 apartments, alongside office, retail, and leisure spaces.

The build-to-rent component includes 32 apartments and 13 underground parking spaces, which are planned to be professionally managed and rented on short-, medium- and long-term leases. Thanks to flexible layouts, the apartments can be configured as up to 40 accommodation units, the company said.

Around 70% of the invested capital is expected to be returned after the development phase, with the remaining investment generating income through the operation of the rental units.

“For the first time, we are opening up the opportunity for investors to join us in developing an Urban Spaces project through a regulated investment platform," said Gavril Zaharia, CEO and co-founder of Urban Spaces.

The campaign also marks Growceanu's first real estate offering, expanding the platform beyond its traditional focus on technology companies.

(Photo source: press release)