West Group has completed the acquisition of the iResidence residential project in northern Bucharest. The deal was carried out under agreed commercial conditions, with construction activity on site continuing without interruption.
“We have completed the transfer of the project company and kept the construction site in normal operation. Through this acquisition, we bring clarity, financial discipline and additional resources to deliver iResidence at the quality level promised to our clients,” said Dan Crăciunescu, founder of West Group.
iResidence will deliver 520 apartments, each with at least one parking space and a storage unit in a two-level underground area. The first phase includes 260 apartments, with structural works completed. Construction progress varies across buildings, with exterior joinery completed at B3, masonry works underway at B1, and installations scheduled next. Window installation for B1 and B2 is planned for autumn. To date, 105 apartments and two commercial units have been sold, generating around €17.5 million.
Project financing so far includes €18.8 million in equity, €5 million in bank loans and €7.7 million from client down payments. Discussions are underway for additional financing to accelerate construction.
“Buyer interest in iResidence remains steady, and the financing structure gives us confidence to maintain progress and communicate transparently. In the Pipera area, monthly mortgage payments can be about 25% lower than rents for comparable properties, making ownership a more attractive long-term option,” Crăciunescu added.
West Group has launched a commercial offer with a 1% down payment at pre-contract signing, a 10% discount from list prices and staged payments tied to construction milestones.
The iResidence complex will feature a 15,000 sqm private park with playgrounds and bike paths, a wellness centre with pool and gym, and a retail gallery. The development is targeting BREEAM certification.
