Nanette City Gate Timisoara, a 500-unit residential project in Timisoara, filed for insolvency last week, according to the Bucharest Tribunal. City Gate, which was set to be built on an 17,000 sqm plot of land, was projected to bring in €54m in sales, according to Nanette’s website.
During the real estate boom, Nanette had announced plans to build a total of four residential projects in Romania: two in Bucharest and two in Timisoara. These projects would have added nearly 1,500 new residential units to the regional market.
