Real estate developer Redport has secured a EUR 9 million financing line from Intesa Sanpaolo Bank Romania for the development of the Vitality Est residential project in eastern Bucharest. The financing package also includes a dedicated VAT facility of around RON 5 million, providing what the company described as a predictable financial framework for the next development phases.

The project is located near Lake Pantelimon and is positioned in the upper-medium residential segment.

Developed in partnership with businessman Dan Șucu, Vitality Est will be built on a 27,000 sqm plot and includes the construction of 500 apartments and 400 sqm of commercial space. The first phase will deliver 145 residential units, including studios, two- and three-room apartments, as well as units with private gardens, the developer said.

Plus, the development will also integrate a Lidl store, with additional nearby amenities including Esplanada Mall and Ikea Pallady.

“Access to financing in a selective economic climate is a real quality test for any developer,” said Cosmin Savu Cristescu, CEO of Redport.

The developer’s portfolio also includes projects such as The Level Apartments and Infinity Nord in northern Bucharest.

irina.marica@romania-insider.com

(Photo source: the company)