Alpha Bank Romania lends EUR 23 mln to Element Industrial for logistic projects

Romanian real estate developer with a focus on logistics and industrial segment, Element Industrial, announced on July 25 that it contracted a EUR 23 mln loan from Alpha Bank Romania for the development of the first two phases of the ELI Park 3 project, part of the ELI Park Bucharest North West hub.

The first phase of ELI Park 3, with an area of ​​18,500 sqm, was delivered this spring and is fully leased.

"The financing line covers the development of the first two phases of ELI Park 3 within the hub we are developing in the Buftea - Chitila area. We have gone through a difficult period with many challenges, given the rising costs and the border conflict. However, we maintain the pace of development and rental, and the trust given by our partners, both tenants and the financing bank, gives us reasons to continue the plans for ELI Park Bucharest North West," said Andrei Jerca, managing director, Element Industrial.

In the second phase, which includes another 30,000 sqm of space, the degree of occupancy has already exceeded 75%, and the deadline for completion is the fourth quarter of the current year.

(Photo source: the company)