British Romanian Investment Partnership, a real estate developer owned by British investment fund ARDC (UK) Ltd, announced that it would invest EUR 10 million in its second residential project developed in Romania.

The residential complex, called New Residence Bucharest, will be located in Drumul Taberei neighborhood, in western Bucharest, and will comprise 216 turnkey apartments.

The first phase of the construction is set to be completed in December this year while the entire project will be delivered in the spring of 2017.

New Residence Bucharest will have studios and apartments with one and two bedrooms. The complex will also include secured common areas, elevators, private parks, social club, parking, 14 commercial properties, supermarket, gym, afterschool, pharmacy, and playgrounds for children.

ARDC (UK) Ltd is a company registered in the UK. It is the majority shareholder of British Romanian Investment Partnership SRL based in Bucharest, and the developer of New Residence Bucharest. This is the group's second real estate investment in Bucharest, after completing the New Residence Magurele residential complex in 2015. That project comprises more than 180 apartments, four commercial properties, and eight individual and duplex-type houses.

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Irina Popescu, irina.popescu@romania-insider.com