Romanian electronics retailer Altex, owned by businessman Dan Ostahie, is set to contract a new loan of EUR 26 million from the European Bank for Reconstruction and Development to finance up to 70% of a new 55,000-square-meter warehouse in Bucharest.

The loan is granted for eight years, with a grace period of 1.5 years. In 2020, Altex borrowed EUR 12 million from the EBRD for the expansion of the logistics center in Dragomirești Vale, near Bucharest, a project launched in 2018, according to Profit.ro.

That year, Altex purchased approximately 15 hectares of land in Dragomirești Vale to develop, in two stages, a logistics center with a total area of about 90,000 square meters, an investment estimated at over EUR 37 million. The first stage of the project was 80% financed by EximBank. 

Altex is one of the largest local retailers, with over 135 stores open nationwide. The retailer registered a turnover of RON 7.01 billion in 2023, an increase of 7.4% compared to the previous year. Additionally, the net profit rose by 27.3%, to RON 145.85 million.

Earlier this summer, Dan Ostahie acquired Porsche Bank Romania and transformed it into Credex Bank.

radu@romania-insider.com

(Photo source: Cristi Croitoru | Dreamstime.com)