West Group announced that it finalized the full acquisition of the iResidence residential project in northern Bucharest, ensuring that development continues without disruption and with strengthened financial backing. The project comprises 520 apartments with underground parking and storage facilities.
Following the takeover, construction remains on schedule, with the first phase of 260 apartments already structurally complete, the company said.
In the first phase, 105 apartments have been sold, with areas ranging from 50 to 231 sqm, as well as two commercial spaces, with total sales reaching approximately EUR 17.5 million.
Financing has been secured through EUR 18.8 million in equity, EUR 5 million in bank loans, and EUR 7.7 million from client down payments. The developer is in talks for additional funding to accelerate progress.
“We have completed the transfer of the project company and kept the construction site in normal operating mode. Through this acquisition, we bring clarity, financial discipline, and additional resources to deliver iResidence at the quality level promised to our clients,” stated Dan Crăciunescu, founder of West Group.
He noted that buyer demand remains strong, adding that in the Pipera area, mortgage installments can be up to 25% lower than equivalent rents, making ownership a more cost-effective long-term option. To boost sales, West Group has introduced a 1% down payment pre-contract scheme, a 10% discount from list prices, and staggered payments tied to construction milestones.
Designed as a sustainable residential complex, iResidence includes a 15,000 sqm private park with playgrounds and bike paths, a wellness center with pool and gym, and a retail gallery. The development also aims to achieve BREEAM certification for energy efficiency and environmental standards.
West Group operates across Romania and Germany, with a projected EUR 60 million in consolidated revenues for 2025. Its international portfolio includes projects such as ING’s new headquarters in Frankfurt, the expansion of the Mercedes-Benz plant in Sindelfingen, and a semiconductor factory in Dresden.
irina.marica@romania-insider.com
(Photo source: the company)
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