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Zizin Residence

Bucharest, Romania

Type of Project: Residential

SECURE Management, Asset Manager
Investor: SPDI (listed on LSE:AIM)

  • Zizin Residence (32 apartments and ground floor commercial areas) was taken over by SPDI with the help of SEC Mgmt from a Romanian subsidiary of a Greek bank following bankruptcy of the developer in an almost completed stage
  • Located in a neighborhood of increasing property value growth in Bucharest influenced by the presence of Bucharest’s first shopping mall, Vitan Mall
  • After taking it over from the bank, SEC Mgmt set up a business plan for SPDI and assisted in its implementation which included finalizing the property development, marketing and selling all units by Q3 2020
  • SEC Mgmt actions ensured that the construction loan was repaid in full to the lending bank (by June 2020) and the equity holder benefited from substantial return on capital invested
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