NBI for Nusco

Executive Summary

Stock.estate investors have the opportunity to co-invest €300,000 with North Bucharest Investments (NBI) to buy and sell premium apartments in Nusco City, the landmark mixed-use residential complex in the Floreasca-Aviației area of northern Bucharest, within a 6-month timeframe. The beneficiary, Design Luxury Solutions S.R.L., operates within the NBI Group and deploys a proven buy-and-sell strategy, targeting a full exit once resale prices reach the pre-set target profit threshold.

Investor terms at a glance:

• Fixed interest rate: 11.0% per annum
• Loan term: 12 months
• Collateral: first-rank mortgage over NBI-owned residential apartments, at 150% coverage and a 66% loan-to-value
• Interest paid monthly; principal repaid in full at maturity
• Minimum ticket: €100

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Location Analysis

Nusco City is situated in the Floreasca-Aviației corridor of northern Bucharest, developed on the 23-hectare former Pipera industrial platform. This segment of the capital has emerged over the past decade as one of Bucharest's most active premium residential clusters, driven by its concentration of multinational employers, financial institutions, and professional services firms.

Connectivity and amenities in the immediate catchment:

• Metro stations: Pipera (M2) and Aurel Vlaicu (M2) — within walking distance
• Highway access: direct connection to the A3 Bucharest-Ploiești motorway
• Shopping and lifestyle: Promenada Mall, Băneasa Shopping City, Herăstrău Park
• International schools: American International School of Bucharest, British School of Bucharest
• Business districts: Floreasca, Pipera, and Barbu Văcărescu — all within 5 to 10 minutes

Market positioning. Northern Bucharest has consistently outperformed the broader capital on both pricing and absorption. Imobiliare.ro data shows Bucharest's average listed apartment price reached €2,204 per sqm at end-2025, up 16.6% year-on-year, with premium northern new-build stock routinely transacting above €2,500 per sqm. Nusco City, as a large-scale, mixed-use masterplan with institutional-grade amenities, commands a premium within this submarket.

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Developer Profile

Nusco City is developed by Nusco Imobiliara, the Romanian operating entity of the Italian Nusco Group, which has been active in the Romanian real estate market since the late 1990s. The group's track record includes Nusco Tower, Aleea Alexandru Office, Caramfil Office, Parcul Comercial Pipera 48, Floreasca Office Center, and Premio Exclusive City Center Apartments.

Nusco City represents the group's flagship residential development. Phase I delivered 622 apartments in Q2 2023. Phase II, comprising 828 apartments across seven buildings, is in advanced delivery, with the first 340 units handed over and the remaining 488 units scheduled for completion in the first half of 2026. Phase III, covering 836 apartments and a total investment exceeding €150 million, received its construction permit in November 2025 and had presold over 30% of units within two months of permit issuance. At full build-out, the masterplan will accommodate over 4,000 apartments alongside a Hyatt Hotel, a Medicana Hospital, a private school, retail, and office spaces.

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Campaign Beneficiary Profile

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

Legal identifiers:

• CUI: RO38158602
• Trade register: J2017015070401
• Incorporated: 2017
• Registered office: Calea Floreasca 133-135-137 and Str. Cornescu 50-52, Et. 1, Sector 1, Bucharest
• Primary activity: CAEN 6810 — purchase and sale of own real estate
• Administrator: Musteata 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., which forms the holding entity of the North Bucharest Investments (NBI) Group — a Bucharest-based cluster of affiliated entities active across residential acquisition, 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 shared registered office on Calea Floreasca, Sector 1.

Risk profile (Termene.ro, September 2025):

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

Banking credit history. Design Luxury Solutions has an established borrowing relationship with Libra Internet Bank. Since 2021, the company has taken out and fully repaid multiple mortgage-backed working capital facilities with Libra, most recently a set of facilities opened in April 2024 and discharged within the same year. There are no currently active mortgage registrations at the AEGRM/RNPM as of the reporting date.

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

The 2023 net loss reflects a transitional year with limited revenue recognition, consistent with the timing of portfolio acquisitions ahead of the 2024 resale cycle. The 2024 figures show a 568% year-on-year revenue increase and a return to profitability, with real estate stock held for resale growing from €2.6 million to €5.1 million, underpinning the current acquisition strategy. At group level, NBI has cumulatively raised and deployed over €2 million through prior stock.estate crowdfunding campaigns on a comparable residential flipping strategy.

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Project Overview

Nusco City is a large-scale, mixed-use residential masterplan developed on the former Pipera industrial platform in the Floreasca-Aviației area of northern Bucharest.

Project specification:

• Type: premium mixed-use residential masterplan
• Location: Floreasca-Aviației, northern Bucharest (Pipera/Aviatiei area)
• Total site: 23 hectares
• Total planned residential units: over 4,000 apartments at full build-out
• Unit typology: double studios, 2-, 3-, and 4-room apartments, and exclusive duplexes
• Phase I: 622 apartments — delivered Q2 2023
• Phase II: 828 apartments across 7 buildings — in advanced delivery
• Phase III: 836 apartments, 1,063 underground parking spaces, 1,600 sqm retail — construction started, completion scheduled end-2028

Green and community infrastructure:

• 20,000+ sqm urban "mini-forest" with over 1,000 trees, developed in collaboration with specialists from the University of Agronomic Sciences and Veterinary Medicine
• Dedicated parks, green corridors, and pedestrian infrastructure representing approximately 40% of total footprint

Planned non-residential amenities:

• Hyatt Hotel (Phase III)
• Medicana Hospital (Phase III)
• Private school covering all educational levels (Phase III)
• Dedicated commercial and office spaces

NBI's strategy. Design Luxury Solutions S.R.L. acquires portfolios of completed and intabulated apartments in Nusco City at negotiated bulk prices and resells them to end-buyers through NBI's established retail distribution network. All target units are fully registered and immediately transferable under Romanian law.

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Market Analysis

The northern Bucharest corridor — encompassing Floreasca, Aviației, Pipera, Băneasa, and Herăstrău — is the capital's reference premium residential submarket.

Published indicators (end-2025):

• Bucharest average listed price: €2,204 per sqm, up 16.6% year-on-year (Imobiliare.ro, December 2025)
• Premium northern new-build: typically €2,500 to €4,000 per sqm
• 2024 price growth: 15% to 22% city-wide (Imobiliare.ro, Investropa)
• 2026 forecast: further 3% to 6% price growth in the north and north-east corridor, concentrated in green-certified and premium assets
• Rental yields: 6% to 9% in premium northern districts (Investropa, 2025)

Supply dynamics. National residential completions declined 4.7% year-on-year across the first three quarters of 2025, and Bucharest-Ilfov deliveries remain below the 2022 peak. This structural supply constraint supports pricing in premium stock. Bucharest-Ilfov accounted for approximately 35% of all Romanian residential transactions in 2025, making it the deepest and most liquid submarket in the country.

International comparison. On a euro-per-sqm basis, Bucharest remains materially below the Central and Eastern European average for comparable capitals, supporting continued price convergence and sustained demand for premium stock in developments of the Nusco City type.

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Financial Analysis

The strategy is a pure buy-and-sell flip, with no refurbishment or fit-out works contemplated.

Use of proceeds. Design Luxury Solutions S.R.L. will use the €300,000 raised through this campaign to acquire a portfolio of completed and intabulated apartments in Nusco City at negotiated bulk prices.

Exit mechanism. Direct resale of the acquired portfolio to end-buyers through NBI's retail distribution network. Repayment of the loan principal and all accrued interest derives from the proceeds of this resale.

Pricing anchor. The reference pricing anchor is provided in the Market Analysis section: €2,500 to €4,000 per sqm in the premium northern Bucharest new-build segment.

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Funding and Investment Opportunity

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Risks and Mitigations

Market risk Risk. A slowdown in the Bucharest premium residential market could extend the resale timeline or compress sale prices. Mitigation. The loan is structured at a conservative 66.7% loan-to-value and 150% mortgage coverage, providing a material buffer against price movement. Northern Bucharest has delivered double-digit price growth in each of the past two years and faces a structural supply deficit through 2026.

Execution risk Risk. The resale pace for the acquired Nusco City portfolio depends on continued end-buyer demand in the complex. Mitigation. Nusco City Phase I is a delivered, occupied asset with strong absorption. Phase III presold over 30% of units within two months of permit issuance, confirming demand depth. NBI Group operates an integrated sales and marketing function through North Bucharest Marketing S.R.L. and has previously executed comparable flip strategies funded through stock.estate.

Repayment risk Risk. Bullet repayment concentrates principal return at maturity, creating single-point cashflow exposure. Mitigation. Repayment is secured by a first-rank mortgage at 150% coverage over NBI-owned residential apartments, enforceable by the platform under ECSPR procedures. Design Luxury Solutions has an established repayment track record with Libra Internet Bank, evidenced by multiple mortgage-backed facilities fully repaid between 2021 and 2024.

Regulatory and fiscal risk Risk. Changes to VAT treatment of new-build residential sales and other fiscal adjustments can affect end-buyer demand. Mitigation. The short 12-month loan duration limits exposure to medium-term regulatory drift, and the acquisition pricing provides margin resilience against short-term demand effects.

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The project owner declares that, to the best of their knowledge, no information has been omitted, is materially misleading, or is inaccurate. The project owner is responsible for the preparation of the key investment information sheet (see Documents).