Investkredit Bank finances with EUR 28 million the project City Business Center Timisoara

Bucuresti - 16 octombrie 2008 - BUCUREŞTI / 13:15, 12.05.2008

The Austrian bank Investkredit, part of Volksbank Group, has granted a EUR 28 million loan to finance the project City Business Center, built by ModaTim Investment SA. City Business Center is the first complex of Class A office spaces developed in Timisoara.

Such amount is to be used both for refinancing the initial loan contracted by ModaTim Investment SA to construct the first building, and for constructing the second building of the complex. The financing will be used also for preparing the next stages of project’s development, including the acquisition of other land plots.

Claudius Ferentz, Managing Director of Investkredit Representative Office in Romania, noticed that: “City Business Center Timisoara is beyond doubt a reference project on the Romanian office market. Such transaction represents for Investkredit the most recent financing of a real estate development project in Timisoara, which emphasizes the bank’s interest in the Western part of the country.“

The first building, involving a EUR 8 million investment, was completed last year, and has a built area of approximately 10,000 sq.m. (out of which about 7,500 sq.m. net leasable area and thereof 2,000 sq.m. retail area). Since its opening in October 2007, the first building City Business Centre is leased 100% by some major companies, among which IBM, Vodafone, PriceWaterhouseCoopers, Unicredit Tiriac, Carpatair.

The new building of the complex City Business Center will have a total leasable area of 7,700 sq.m., out of which 2,000 sq.m. will be used for shopping and services areas.

Located in downtown in Timisoara, the complex will consist of 5 buildings and that area will be transformed into a genuine business district of the city.

“We are very pleased with the professionalism of Investkredit´s team. The current financing is perfectly adapted to our project’s needs and allows speeding up the next stages, but in the same time represents a confirmation of our concept”, declares Ovidiu Sandor, CEO, ModaTim Investment SA.

Bulboaca & Asociatii were the legal advisors of Investkredit Bank during the said transaction. Corina Ionescu, Partner with the law firm and project manager of the legal team involved in this project, states: “In order to meet the ambitious term for completing the construction works to the second building, the transaction, which was rather a complex one, was closed one month after the negotiation of the contracts began”.

About ModaTim Investment SA

ModaTim Investment S.A. was established in 2005 by ModaTim S.A., one of the most important players in the textile industry, for the development of the project City Business Centre

About Investkredit Bank AG

Investkredit Bank AG, Vienna is the competence centre in the field of corporate and real estate finance within the Austrian group Volksbank. Besides Austria the bank is also present in Germany and in six Central and Eastern European countries, like Poland, Romania, Czech Republic, Slovakia, Hungary and Ukraine. Investkredit Vienna has granted more than EUR 60 million financing loans in Romania since the beginning of this year.

About Bulboaca & Asociatii:

The law firm Bulboaca & Asociatii was established at the beginning of 2007 and provides high quality, specialist legal services at international standards to national and multinational financial corporations and institutions in different areas such as banking and finance, capital markets, corporate, mergers & acquisitions, energy, litigation, intellectual property, competition, real estate.

Ovidiu Sandor, 021-491 042,

Cosmina Micu, 0311 051 402,
Cristina Cazan, Marketing Assistant, 021 408 89 12,

Cuvinte cheie:  investkredit  business center  timişoara 

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