The Horizon City residential development in northern Bucharest has secured €36.5 million in financing from Libra Internet Bank. The funds will support the continuation and acceleration of construction works, with full project completion now targeted for the first half of 2027, six months earlier than originally announced. The financing is structured to provide resources independently of the pace at which advance payments are collected from buyers under pre-sale agreements.
"The €36.5 million financing represents an important step for Horizon City and provides the project with a solid financial resource for the next stage of development. For buyers, this financial structure means greater predictability and security regarding the accelerated progress of the project," said Cătălin Apetri, CEO and Founder of CGA Home Consulting and Development Director for Romania for investor Ghai Sant Ram. "We are entering an important stage of the project, in which the focus is increasingly shifting to installations, partitions and finishes. The financing we have secured allows us to plan the next stages clearly and accelerate works wherever possible," added Cristian Stanciu, CEO of the Horizon City project.
"Libra Internet Bank's experience in financing residential developments enables us to thoroughly understand the requirements and challenges associated with investments on the scale of Horizon City, particularly in a context in which access to financing is essential for achieving project objectives. This is why we continue to support real estate projects with clear goals and solid fundamentals," said Cristina Mahika-Voiconi, Chief Executive Officer of Libra Internet Bank.
Horizon City is being developed on Pipera Boulevard on a 23,000 sqm site and comprises 699 residential units arranged across eight stairwells and two development phases. The project includes 926 parking spaces, of which 900 are underground. Total investment exceeds €130 million. Apartments will be delivered fully finished, with PINUM doors, GROHE sanitary ware, SAMSUNG air-conditioning units, and external walls built using YTONG masonry with ROCKWOOL mineral wool insulation and HPL panels.
The acceleration of Horizon City is taking place alongside the expansion of investor Ghai Sant Ram's portfolio in Romania. Through Ghai Family Holding, he recently acquired a plot of approximately 30,000 sqm near Pipera Plaza from businessman George Becali for approximately €14.3 million, including a permit for a large-scale development. With 1,188 units at Ivory Residence, 699 at Horizon City and approximately 650 homes planned at the newly acquired site, the investor's residential portfolio in Romania exceeds 2,500 units.
