Top Team: 3.5m-euro capital increase

The share capital of real estate firm Top Team Development will be increased to 3.5 million euros, shareholders of Stomobi, one of the company’s partners, have recently decided. The capital increase will be done through a cash contribution by Team Building, the other partner in Top Team Development. Stomobi is Team Building’s sole owner. Stomobi shareholders last November approved Team Building’s move to contract a loan worth up to 5.25 million euros from Austrian bank, Investkredit Bank, to refinance the first stages of the construction of Home&Design Mall, as well as to support further financing for the second stage. The Home&Design Mall in Bucharest, which specialises in the sale of products and services for decorating homes and offices, was opened in November 2004, following an approximately five million-dollar investment by Stomobi. The centre was designed in two stages and covers some 12,000 square metres. In the first stage of development, Home&Design Mall will have an area of over 8,000 square metres, 5,400 square metres of which will be used for showrooms and retail space. The second stage will add an additional 2,500 square metres of retail space, expanding the mall by over 4,000 square metres. Stomobi Bucharest specialises in the rental of real estate assets. Its main shareholders are Heratico BV with a 50.26% stake and Phoenixmed Bucharest.