Romanian developer borrows EUR 50 mln to finance office park

Romanian real estate developer Forte Partners has borrowed EUR 50 million from local lender UniCredit Bank to finance the first stage of the office park The Bridge. The project will be developed on the plot of a former bread factory, in two stages. The deadline is September next year, and the project’s total value is estimated at EUR 100 million. The developer has managed to rent 50% of the first building, and is in advanced talks for the rest of the building. In April this year, local lender BCR signed a lease contract for a surface of 18,000 sqm. BCR plans to consolidate its operations in various locations in Bucharest to this building. The project’s market value has reached EUR 80 million for the first stage, said Geo Margescu, CEO and founder of Forte Partners. Forte Partners is a group of investors with experience in the local business environment. Its shareholders include Ionut Dumitrescu, the founder of the real estate agency Eurisko, Geo Margescu, a manager whose name is related to projects such as Europolis Logistic Park, or the headquarters of Millennium Bank, and the Jabra family, who founded the Nova Brasilia business. editor@romania-insider.com (photo source: Fortepartners.ro)