One United Properties borrows EUR 78 mln from three banks to develop One Cotroceni Park
One United Properties (ONE), a mixed-use real estate developer listed on Bucharest Stock Exchange (BVB), announces entering into a financing agreement for up to EUR 78 mln for the office component at One Cotroceni Park project.
The financing is provided to One Cotroceni Park Office(some EUR 40 mln) and One Cotroceni Park Office Phase 2 (some EUR 28 mln) as borrowers. A VAT facility of EUR 9 mln is also part of the agreement.
The financing banks are Banca Comerciala Română (BCR), Erste Bank and BRD Group Société Générale (BRD). The loan’s maturity is seven years.
Developed on a 5.8 hectares plot of land, on the site of the former Ventilatorul platform, One Cotroceni Park is one of the largest urban regeneration projects in Bucharest, designed in a Live / Work / Play holistic approach.
The mixed-use project includes an office component with two large Class A office buildings with approximately 75,000 sqm GLA, a residential compound with over 850 units and a commercial one.
(Photo courtesy of the company)