Local investment fund SIF Moldova will invest EUR 34 million in a residential project in Bucharest, built on the plot of a former weaving factory.

The complex, which will be called Baba Novac Residence, will include six eight-floor buildings, with 363 apartments.

This is the fund’s second significant real estate investment, after contributing EUR 14.1 million to the development of the Veranda Mall shopping center, in the Obor area.

Apartment sales will begin in the second part of June, while the buildings should be completed in the spring of 2019. The general contractor is Octagon Constructing & Engineering whereas the project manager is Vitalis Consulting. Coldwell Banker will intermediate the apartment sales.

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