120m-euros loans for real estate projects

Investkredit Bank, part of Austria’s Volksbank group, is in talks related to granting 120m-euro loans to finance real estate projects on the Romanian market. Since it opened its office in Romania, this March, the financial institution has granted loans worth around 30 million euros. “The initial budget of the Romanian office for this year stood at 30-40 million euros, but we are in various stages of negotiations for loans three times bigger than this budget. The Romanian real estate market has considerable potential,” stated Claudius Ferentz, head of Investkredit’s office in Romania. The financial institution announced it granted Fabian Romania Property Fund loans worth 19 million euros to finance the first two investments by the fund on the Romanian market, namely the acquisition of the Cascade Office Building and Floreasca Business Center in Bucharest. Ferentz specified Investkredit would finance the development of a hypermarket network outside the capital city.