Romanian developer Impact gets EUR 7 mln loan for residential complex

Local developer Impact Developer & Contractor has contracted a loan of RON 32.73 million (EUR 7.1 million) from Piraeus Bank to finance the construction of a residential complex in the Greenfield neighborhood, in Northern Bucharest. The loan matures in three years. The company has recently issued bonds of RON 11.81 million (EUR 2.6 million), acquired by the Polish fund Credit Value Investments. Titles are due in 4 and a half years, although they may be redeemed earlier under certain conditions. Romanian investor Gheorghe Iaciu controls Impact, with a stake of 49.48%. The company is listed on the Bucharest Stock Exchange, with a market capitalization of around EUR 51 million. Last year, the developer recorded total revenues of RON 194.5 million (EUR 42.7 million) and a net profit of RON 29.6 million (EUR 6.5 million).