Spanish developer borrows EUR 9 mln to build residential project in Bucharest

Spanish company Gran Via has borrowed RON 40 million (EUR 9 million) from Libra Internet Bank to cover 65% of the construction cost for its new residential project in the west of Bucharest. The developer has started the construction of two apartment blocks on the site of the former Electrotehnica factory in Bucharest, near the Plaza Romania mall, reports local Capital.ro. It is the second residential project started by the company in Romania, after the one developed in Timisoara, west of Romania, which includes 243 apartments. The company owns the plots of three former factories in Bucharest, namely Frigocom, Electrotehnica, and half of Tricodava, plus a 6.5-ha plot in Constanta. editor@romania-insider.com