  The bursting pulsar, GRO J1744-28, went again in outburst after $\sim$18
years of quiescence in mid-January 2014. We studied the broad-band, persistent,
X-ray spectrum using X-ray data from a XMM-Newton observation, performed almost
at the peak of the outburst, and from a close INTEGRAL observation, performed 3
days later, thus covering the 1.3-70.0 keV band. The spectrum shows a complex
continuum shape that cannot be modelled with standard high-mass X-ray pulsar
models, nor by two-components models. We observe broadband and peaked residuals
from 4 to 15 keV, and we propose a self-consistent interpretation of these
residuals, assuming they are produced by cyclotron absorption features and by a
moderately smeared, highly ionized, reflection component. We identify the
cyclotron fundamental at $\sim$ 4.7 keV, with hints for two possible harmonics
at 10.4 keV and 15.8 keV. The position of the cyclotron fundamental allows an
estimate for the pulsar magnetic field of (5.27 $\pm$ 0.06) $\times$ 10$^{11}$
G, if the feature is produced at its surface. From the dynamical and
relativistic smearing of the disk reflected component, we obtain a lower limit
estimate for the truncated accretion disk inner radius, ($\gtrsim$ 100 R$_g$),
and for the inclination angle (18$^{\circ}$-48$^{\circ}$). We also detect the
presence of a softer thermal component, that we associate with the emission
from an accretion disk truncated at a distance from the pulsar of 50-115 R$_g$.
From these estimates, we derive the magneto-spheric radius for disk accretion
to be $\sim$ 0.2 times the classical Alfv\'en radius for radial accretion.
