Bucharest, Romania: A builder that has spent four decades constructing for others is now backing a neighbourhood of its own. KESZ Group has secured a €30m loan from Raiffeisen Bank Romania for Corallis Apartments, its first own residential development in Bucharest. The financing sits alongside the group's own investment and the customer prepayments that have already carried the project through significant milestones.
Corallis Apartments rises in District 1, in the Petrom City area, on a site of around 15,500 m². Five low-rise buildings hold 221 homes, from two-, three- and four-room apartments to duplexes, garden apartments and penthouses with panoramic terraces. Residents will share more than 6,000 m² of landscaped green space, a lakeside promenade and areas for sport and relaxation, with the shopping centres, schools and business hubs of northern Bucharest close-by. The scheme is designed to achieve BREEAM Excellent certification. KESZ Properties is the developer and KESZ Romania, with more than two decades in the local market, is the general contractor.
For Tatar Zsolt, Project Director at KESZ Group, the loan is a statement of intent: "Corallis Apartments represents KESZ Group's long-term commitment to Bucharest's residential market. The financing secured from Raiffeisen Bank Romania complements the resources allocated to the development and helps us deliver a residential complex focused on construction quality, green spaces, and comfortable living. By aligning our deep construction expertise with top-tier financial partnerships, we are establishing a new benchmark for sustainable, community-driven urban developments," he said. The deal also diversifies the funding sources behind the project.
The lender framed it as a partnership. Alin Neacsu, Executive Director, Large Corporate at Raiffeisen Bank Romania, said: "The financing provided to KESZ Group complements the resources already committed by the company and supports the continuation of the investment. We aim to offer our clients lending solutions tailored to the needs and development stages of their businesses. In real estate financing, we focus on the investor's experience, a balanced financial structure, and a long-term partnership," he said. KESZ Group has operated in Romania since 2001, and its Hexagon Offices in Cluj-Napoca, a BREEAM Excellent complex of more than 27,000 m², already shows what it can deliver.
What the release leaves unsaid is how Bucharest's funding model is shifting. New-home VAT rose to 21% in August 2025, and reports point to tighter rules on large client advances pushing developers towards credit lines. Corallis has leaned on customer prepayments, so a €30m bank facility hints at where project funding is heading. For investors, lender appetite for a Sector 1 scheme matters in a district where permitting limits the number of players. For developers, authorised residential floor area in Bucharest surged in early 2026, which points to a wave of competing supply, and schemes with bank backing will be best placed to deliver.
People mentioned
- Tatar Zsolt, Project Director at KESZ Group
- Alin Neacsu, Executive Director, Large Corporate at Raiffeisen Bank Romania
Companies mentioned
- KESZ Group, borrower and owner of Corallis Apartments, construction and real estate group
- KESZ Properties, developer of Corallis Apartments
- KESZ Romania, general contractor of Corallis Apartments
- Raiffeisen Bank Romania, lender providing the €30m financing
Image source: KESZ Group
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