Financing the development, construction and managing of class A office development, comprising a total of 16,915 gross sqm located on Lascar Catargiu Boulevard, adjacent to the southern side of Piata Victoriei, Bucharest. The aim of the project is to complete the construction, letting and managing of an office development in Bucharest comprising 16,915 gross square metres of office and commercial space.
The project would set a standard by introducing a new product to the market with large open plan floor plates, which would offer flexible office accommodation to growing companies. In addition, it would assist in relieving the misbalance between the price and quality of office accommodation in Bucharest. The project would, due to its high visibility, clearly demonstrate the feasibility of undertaking such a project in Bucharest. It would further demonstrate that sound and experienced sponsors are able to arrange and receive both financing and pre-lease contracts.
The project would be carried out through Victoria International Property srl., a Romanian limited liability company. Nobelgo, the sponsor, established in 1994 as an investment vehicle of the Kardan Group for international real estate projects, has asked the Bank to finance the development, letting and management of the project. Subsidiaries of the Kardan Group are shareholders of GTC Romania Real Estate Investments B.V., which owns 79 per cent of the share capital of the client.
Senior loan of US$ 18 million (€20.9 million) consisting of an A loan for the Bank's own account totalling US$ 7.6 million (€8.8 million) and a B loan for the account of Raiffeisen Zentralbank Oesterreich AG totalling US$ 10.4 million (€12.1 million).
US$ 21.7 million (€25.1 million).
The project was screened as B/0, requiring an environmental analysis of the environmental impact associated with this development. The analysis took the form of an environmental questionnaire, which was completed by the sponsor and reviewed by the Bank. The sponsor will comply with Romanian and EU environmental standards and ensure the following:
- Construction will be undertaken in accordance with Romanian and EU worker health and safety legal requirements and standards. All applicable environmental permits will be received or applied for from the relevant authorities.
- The development will comply with all local fire, safety and emergency procedures. Sprinklers will be installed throughout according to authorities’ requirements.
- Energy conservation measures will form a major part of the project along with the provision of clean air filtration systems.
- Ozone depleting substances will not be used.
- No environmentally damaging materials or substances (asbestos, formaldehyde, oil-cooled transformers etc.) will be used in the construction.
The sponsor will report to the Bank, on an annual basis, on environment, health and safety issues associated with the operation.
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