Banca Transilvania, Victoriabank extend EUR 21 mln loan for shopping mall in Chisinau

Romania’s largest lender Banca Transilvania and its Moldovan subsidiary Victoriabank awarded the first cross-border syndication credit worth EUR 21 million over ten years to the developer of the shopping mall project MallDova in Moldova’s capital city Chisinau, according to a press release issued by the two credit institutions.

The mall was developed by Lemi Invest, a joint venture formed by two Turkish partners: Fiba Holding and Summa Turizm Yatirimciligi.

Shopping MallDova is the first European-level shopping mall in the Republic of Moldova, built in 2008 on an area of 75,000 sqm. At that time, the European Bank for Reconstruction and Development (EBRD) extended a EUR 42.8 million loan to the developers, that matures this year. Today, the shopping mall hosts about 100 stores of international brands, dozens of restaurants, a leisure area and cinema. Due to its infrastructure and supply, Shopping MallDova has become the most sought after destination for shopping and leisure for the inhabitants of Chisinau.

By refinancing Lemi Invest, the two banks indirectly finance the construction of the first A+ class office building in Chisinau and a 4-star hotel, Courtyard by Marriott, developed by one of the firms in Lemi Invest Group, the press release of the two banks reads.

(Photo source: Bancatransilvania.ro)