Omilos attracts two investors to continue development of ERA parks

Omilos Cypriot real estate developer has raised 4m euros from two British funds managed by Charlemagne Capital and from Argo Capital Partners to continue investments in the development of ERA Shopping Park of Oradea and Iasi, according to an announcement by European Convergence Development Company (ECDC) investment fund, managed by Charlemagne.

Omilos needs money to develop the two malls part of the shopping parks, with half of the funds being secured by the firm’s shareholders, while for the rest the companies that developed Asmita Gardens (ECDC) and Suceava Shopping City and Sibiu Shopping City (Argo) were attracted in the company’s shareholder structure.

Most of the money should come from banks, though, with the development of the two projects being operated through loans taken out in 2007-2008 from Eurobank and Banpost, Banca Romaneasca and NBG, as well as Bank of Cyprus.

Omilos’ contribution in the two investments will amount to 4m euros, with the rest of the money due to come from the other partners attracted in the projects.