West Group completes acquisition of iResidence project in Northern Bucharest

West Group has concluded the full acquisition of the iResidence residential project in northern Bucharest, a location noted for its convenient access to major traffic routes, business centers, retail hubs, and reputable schools. The transition was completed under legally agreed commercial terms, ensuring that construction continues uninterrupted and maintains its existing quality standards.

“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.

The iResidence development will feature 520 apartments, each including at least one parking space and a storage unit within a two-level underground area. In the first phase of construction, the structural framework for 260 apartments is complete. Detailed progress across site buildings includes exterior joinery completed in building B3, masonry work concluding in B1, and upcoming electrical and plumbing installations at B3. Window installation for buildings B1 and B2 is scheduled for later this autumn.

So far, 105 apartments and two commercial units have been sold, amounting to approximately €17.5 million in total sales . The project is backed by a balanced financing structure: €18.8 million in equity, €5 million from banking loans, and around €7.7 million from client down payments. Additional financing is being negotiated to accelerate progress.

Mr. Crăciunescu added, “Buyer interest in iResidence apartments 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”.

West Group is also offering attractive purchasing terms, including a 1% down payment upon signing the pre-contract, a 10% discount from listed prices, and a payment schedule tied to construction milestones—30% after installing exterior joinery, 30% at façade completion, 30% following screed pouring, and the remaining 9% upon signing the final sales contract.

The project is designed as a sustainable, inclusive residential community. It will include a 15,000 m² private park featuring playgrounds and bike paths, a wellness center with a swimming pool and gym, a retail gallery, and aims to achieve BREEAM certification for environmental performance.