Copper Beech secures BCR funding worth 1.5bn euros

Real estate developer Copper Beech, controlled by a group of British investors, has secured funding worth 575 million euros from the Banca Comerciala Romana (Romanian Commercial Bank – BCR) in order to develop residential projects, which it will potentially extend to over 1.5 billion euros within the next few years. The agreement between the credit institution and the Copper Beech Group has been signed for a 12-year period and is the largest credit ever secured by a real estate developer on the Romanian market. “The value of the funding secured from the BCR amounts to 575 million euros. However, the cumulated value of the credits, which we will be able to secure could exceed 1.5 billion euros, providing coverage for our projects for the next six years,” Diwaker Singh, managing director of Copper Beech, told ZF. The company plans to invest around 2.5 billion euros to develop residential projects with 16,500 homes in Bucharest within the next few years.