Executive Summary

stock.estate investors have the opportunity to co-invest €300,000 alongside North Bucharest Investments (NBI) for the acquisition and resale of premium apartments in Ivory Residence, a fully completed, move-in-ready residential complex in the Pipera area of northern Bucharest, over a 6-month term. The beneficiary, Design Luxury Solutions S.R.L., operates within the NBI Group and uses a proven buy-and-sell strategy, targeting a full exit as soon as resale prices reach the established profit threshold.

Investment terms at a glance:

• Fixed interest rate: 11.0% per year
• Loan term: 6 months
• Security: first-rank mortgage over residential apartments held by NBI, with 150% coverage and a loan-to-value (LTV) ratio of 66.7%
• Interest paid monthly; principal repaid in full at maturity
• Minimum ticket: €100

Location Analysis

Ivory Residence is located on Bulevardul Pipera in the Pipera area of northern Bucharest. Over the past decade this corridor has become one of the capital's most active premium residential clusters, driven by a concentration of multinational employers, financial institutions and professional-services firms.

Connectivity and amenities in the immediate area:

• Metro: Pipera (M2) and Aurel Vlaicu (M2) stations
• Road access: direct connection to the A3 Bucharest-Ploiești motorway; ring road
• Airports: Aurel Vlaicu (Băneasa) ~5 km; Henri Coandă International ~13 km
• Business centres: Pipera Plaza, Cubic Center, Global Plaza and Swan Office Park, all within a few minutes
• Retail and lifestyle: Promenada Mall (~2.8 km), Băneasa Shopping City, Kaufland (~500 m), Lidl, Mega Image; World Class fitness; Herăstrău Park nearby
• International schools: Mark Twain International School (~7 min), Școala Gimnazială Nr. 3 Voluntari-Pipera (~3 min)

Market positioning. Northern Bucharest has consistently outperformed the rest of the capital on both pricing and absorption. Data from Imobiliare.ro shows the average asking price for Bucharest apartments reached €2,204 per sqm at the end of 2025, up 16.6% year on year, with premium new stock in the north frequently trading above €2,500 per sqm. Pipera, as one of the capital's largest residential hubs with direct metro and motorway access, commands a price premium within this submarket.

Developer Profile

Ivory Residence is developed by British investor Ghai Sant Ram through the company Comfort Homes UK. Ivory Residence is the investor's first major Romanian development; a second project, Horizon City, follows in the same northern Bucharest corridor. Comfort Homes UK brings international construction, design and sustainability know-how, with the total Ivory Residence investment amounting to approximately €100 million.

The project is delivered across two completed phases, with blocks 7–12 finished and ready for occupancy. Sales and marketing for the complex are handled exclusively by CGA Home Consulting (founded 2015), a residential consultancy and brokerage with a portfolio of over 2,000 apartments and seven completed projects, led by Cătălin Apetri (Romania Development Director for Ghai Sant Ram). Cristian Stanciu serves as CEO of the Ivory Residence and Horizon City projects.

Campaign Beneficiary Profile

The borrower under this campaign is Design Luxury Solutions S.R.L.

Legal identifiers:

• Tax code (CUI): RO38158602
• Trade Register: J2017015070401
• Incorporated: 2017
• Registered office: Calea Floreasca 133-135-137 and Str. Cornescu 50-52, Et. 1, Sector 1, Bucharest
• Main activity: CAEN 6810 — buying and selling of own real estate
• Administrator: Musteața Vladislav
• Ultimate beneficial owner: North Group Investments S.R.L. (100%)

Group structure. Design Luxury Solutions S.R.L. is wholly owned by North Group Investments S.R.L., the holding entity of the North Bucharest Investments (NBI) group — a cluster of affiliated Bucharest-based entities active in residential acquisition, resale (flipping), marketing, design and facility management. Group companies include VZ Ideal Home Solutions S.R.L., North Bucharest Marketing S.R.L., North Facility Services S.R.L. and MVI Brand Investments S.R.L., all operating from a common registered office on Calea Floreasca, Sector 1.

Risk profile (Termene.ro, September 2025):

• Commercial risk: Low (7.7/10)
• Insolvency rating: Class D (modelled probability 0.56%)
• Altman Z-score: Very high
• Legal risk: Low
• Tax status: Active, VAT-registered, no ANAF arrears

Bank credit history. Design Luxury Solutions has an established lending relationship with Libra Internet Bank. Since 2021 the company has drawn and fully repaid several mortgage-secured working-capital facilities, the most recent opened in April 2024 and discharged within the same year. No active mortgage registrations were recorded at AEGRM/RNPM as at the reporting date.

Financial trajectory (EUR, filed statutory accounts, converted at the average annual rate):

The 2023 net loss reflects a transition year with limited revenue recognition, in line with the timing of portfolio acquisitions ahead of the 2024 resale cycle. The 2024 figures show net turnover up 568% year on year and a return to profitability, with real-estate inventory held for resale rising from €2.6 million to €5.1 million, supporting the current acquisition strategy. At group level, NBI has cumulatively