State bank CEC finances large developer in western Romania

Vox Property Group, one of the main real estate developers in the western part of Romania, contracted a financing facility of EUR 19.5 mln from CEC Bank.

The amount will be used both to refinance existing loans contracted for completed projects – Vox Technology Park, one of the most important business hubs from Timisoara, and Rivendelle, a premium residential project, but also to finance developing projects – Vox Vertical Village residential project.

”2020 was a challenging year for the office segment, but we repositioned rapidly, and we took numerous measures to increase the sanitary security in the office project, decisions that generated good results in terms of office space rentals. These results have maintained the confidence of our partners in the banking market at a high level and have materialized in the current finance granted by CEC Bank”, stated Virgil Tornoreanu, CEO Vox Property Group.

”CEC Bank started in 2020 its collaboration with Vox Property Group, one of the largest real estate developers active in the western part of the country. We are proud to support successful projects that boost the economic development in the area and respond to actual market needs”, stated Laura Mihai, Director Corporate Clients within CEC Bank.

(Photo source: the company)