NBI for Ivory Residence

1. Executive Summary

stock.estate investors have the opportunity to co-invest up to €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, acquiring finished, registered units at negotiated portfolio prices and targeting a full exit as resale prices reach the established profit threshold. The campaign is structured as a fixed-return loan at 11.0% per year, secured by a first-rank mortgage over the acquired apartments with 150% collateral coverage (66.7% loan-to-value). Interest is paid monthly; the principal is repaid in full at maturity. Minimum ticket: €100.

2. 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.

3. 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.

4. Project Overview

• Property type: Finished, registered residential apartments within the Ivory Residence complex (acquisition-and-resale portfolio — no reconstruction or development work involved)
• Location: Bulevardul Pipera, Pipera area, northern Bucharest
• Construction status: Complex fully completed across two phases; blocks 7–12 delivered and ready for occupancy
• Legal status: Units are acquired as completed and registered (intabulate) property; no outstanding construction permits apply to this transaction
• Proximity to key amenities: see Location Analysis above (metro, motorway, airports, retail, schools)

5. Market Analysis

The Bucharest residential market closed 2025 with an average asking price of €2,204/sqm, up 16.6% year on year (Imobiliare.ro), with premium new-build stock in the north of the city — including Pipera — trading above €2,500/sqm. This places northern Bucharest among the fastest-growing and highest-priced submarkets in the capital, outperforming the citywide average on both price growth and absorption.

Pipera's positioning is reinforced by its concentration of multinational office tenants (driving rental and ownership demand from a relocating professional workforce), direct metro access on the M2 line, and proximity to both Bucharest's ring road and the A3 motorway.

6. Financial Analysis

This is an acquisition-and-resale transaction: Design Luxury Solutions S.R.L. borrows to acquire a portfolio of already-completed, registered apartments in Ivory Residence rather than to fund construction. Accordingly, there is no reconstruction budget or projected build-out cost — the loan is deployed directly into the purchase of finished stock, held for a short resale cycle.

Use of proceeds. Up to €300,000 raised from investors, together with €200,000 already committed by the developer as own equity, is applied to the acquisition of completed, registered apartments in the Ivory Residence complex.

Collateral coverage. The loan is secured by a first-rank mortgage over the acquired apartments, registered contextually with the acquisition deed, providing collateral coverage of 150% of the loan amount on a purchase-price basis — a resulting loan-to-value of 66.7%.

Company financials and trajectory. The borrower, Design Luxury Solutions S.R.L. (CUI RO38158602, Trade Register J2017015070401, incorporated 2017, wholly owned by North Group Investments S.R.L., part of the NBI group), reports the following filed results (RON, converted to EUR at ~5.00 RON/EUR for comparability with prior published figures):

The 2023 net loss reflects a transition year with limited revenue recognition, ahead of the 2024 resale cycle. Turnover grew 568% in 2024 and a further 62% in 2025, reaching over €4.0 million, with real-estate inventory held for resale rising from €2.6 million (2023) to €8.1 million (2025) — consistent with the company's accelerating acquisition pace under the NBI buy-and-sell strategy.

Credit profile (Termene.ro, most recent reporting). Commercial risk: Low (7.6/10). Insolvency rating: Class D (modelled probability 0.56%). Altman Z-score: Very high. Legal risk: Low. Tax status: active, VAT-registered, no ANAF arrears. The company has an established, fully-repaid lending relationship with Libra Internet Bank, with no active mortgage registrations recorded at AEGRM/RNPM as at the reporting date.

Repayment source. Repayment of principal is expected from the resale of the acquired apartments as the portfolio is absorbed by the market within the 6-month term. Should the resale cycle extend beyond maturity, alternative repayment paths include bank refinancing, an equity injection at NBI group level, or a follow-on stock.estate campaign (see Section 7).

7. Funding and Investment Opportunity

Loan parameters

Capital stack and funding plan. The €300,000 raised on stock.estate is combined with €200,000 of developer equity to fund the acquisition of the apartment portfolio. Exit and repayment channels, in order of preference, are: (1) progressive resale of the acquired units to end buyers; (2) bank refinancing; (3) additional equity injection at NBI group level; (4) a follow-on stock.estate facility, should the resale cycle extend beyond the initial 6-month term.

Platform. stock.estate is an ECSPR-licensed crowdfunding platform (ASF Romania, licence PJR28FSFPR/400002) under Regulation (EU) 2020/1503.

8. Risks and Mitigations

• Project risk — Repayment depends on Design Luxury Solutions' ability to resell the acquired apartments within 6 months; an extended sales cycle or price compression could affect the liquidity available for repayment. Mitigation: Ivory Residence is a fully completed, occupied development with solid market absorption in one of Bucharest's most active submarkets.
• Sector risk — A macroeconomic downturn or fiscal changes (VAT, transfer tax) could dampen end-buyer demand and extend exit timelines. Mitigation: the short 6-month loan term limits exposure to medium-term regulatory and market drift.
• Repayment / non-performance risk — The developer could default on scheduled payments. Mitigation: the loan is secured by a first-rank mortgage with collateral coverage of at least 150% of the loan amount (66.7% LTV), registered contextually with the acquisition deed; all collateral units are completed, registered, and immediately transferable under Romanian law.
• Delayed or reduced return risk — If the portfolio is not sold within 6 months, interest accrues at the extended rate of 13.00% per annum rather than being repaid on schedule. Mitigation: principal can be repaid via sale of the collateral assets, bank refinancing, a group-level equity injection, or a follow-on stock.estate campaign.
• Funding-completion risk — The campaign is one tranche within the developer's broader acquisition plan alongside its own €200,000 equity. Mitigation: the developer's equity is already committed, reducing reliance on the platform raise alone.
• Platform risk — Should stock.estate become unable to manage or administer the loan agreement, an alternative arrangement is required. Mitigation: stock.estate will appoint a third-party loan administrator or transfer the agreement directly to investors; the platform operates under ASF licence PJR28FSFPR/400002.
• Liquidity risk — There is no secondary market for this investment instrument. Mitigation: none beyond the fixed 6-month term; investors should size their allocation accordingly.
• Regulatory risk — Legislative changes to real-estate transfer rules, the VAT regime for residential resale, or zoning could affect end-buyer demand. Mitigation: the short 6-month term limits exposure to medium-term regulatory developments.

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