RIVUS Cluj-Napoca, the mixed-use urban reconversion project developed by companies IULIUS and Atterbury Europe, was granted the largest loan for a new real-estate development in Romania, namely EUR 400 million. Around EUR 180.3 million will be provided by the European Bank for Reconstruction and Development (EBRD).

Thanks to the loan, Cluj-Napoca will see the transformation of an industrial site into its largest mixed-use urban regeneration project. The development features 132,500 square meters of Gross Lettable Area commercial and entertainment space, through the consolidation and conversion of two historical buildings into a performing arts center, office space, and interactive family entertainment centers.

The project restores 14 hectares of former industrial platform Carbochim back to the city. The factory, which only used 30% of the land, has been relocated and upgraded, following an investment upwards of EUR 7 million by the developers.

Overall, the development is estimated upwards of half-billion euro, and it is currently in the building permitting phase, being designed by the prestigious international architecture firm UNStudio. 

The project is operated by the Romanian company Rivus Investments. Rivus is 50% owned by local developer IULIUS Group Romania and 50% by holding and investment company Atterbury Europe. 

“For IULIUS, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry,” said Marius Perșenea, Chief Operating Officer at IULIUS. 

The development proposes an extensive urban garden spanning more than 52,000 sqm, landscaped with more than 700 mature trees, including trees that were salvaged from the former industrial platform, as well as more than 100,000 decorative plants of various sizes. The main retail building will feature green facades and a green roof, also integrating a Japanese garden. 

The investment also entails substantial infrastructure improvements to benefit the entire area, including the development of road, bike, and green infrastructure. Two pedestrian bridges and a four-lane vehicle bridge will be built over the Somesul Mic River. Two new roundabouts, a road, an advanced smart traffic light system and the rehabilitation of a public square, car and bike parking spaces with electric vehicle charging stations are included as well.

Part of the infrastructure development will be donated to the Municipality of Cluj upon completion for use by the community.

radu@romania-insider.com

(Photo source: EBRD)