BVB-listed developer Impact gets EUR 10.6 mln loan from CEC Bank

Impact Developer & Contractor (IMP), listed on the Bucharest Stock Exchange (BVB), announced on May 27 that it had secured two lines of financing for real estate development from CEC Bank - Constanța branch.

Their total value is about EUR 10.6 mln, making them one of the largest amounts granted so far to a developer on the residential market in the Black Sea coast city.

The money will be used to complete the first phase of the Boreal Plus project. The developer will deliver this August the 18 villas part of the Boreal Plus complex and continue the construction of the first 209 apartments in the Constanța-based project. The villas are built sustainably, using solutions with low environmental impact and high efficiency for residents for the entire life cycle of the construction.

“The concept of Boreal Plus replicates the development model that we have successfully implemented in our projects in Bucharest,” says Tinu Sebeșanu, CEO of Impact Developer & Contractor.

The complex will feature 673 apartments and has a value of EUR 89 million. It will be delivered in three phases and should become fully operational in 2024.

Impact is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 158 mln. Its majority shareholder is local investor Gheorghe Iaciu with a 59.4% stake.

(Photo source: the company)