Romanian real estate developer sells EUR 12 mln bonds to Polish funds

Local real estate developer Impact has sold bonds of almost EUR 12 million to two investment funds managed by the Polish firm Credit Value Investments. The Impact titles have a fixed interest rate of 6% per year, paid to investors twice a year, and are due in 4 and a half years. They will be offered at the issue price of EUR 98,400 per share, respectively EUR 11.8 million for the total number of shares. Impact will use the money to acquire land and develop residential projects, according to Impact representatives. The bonds will be mainly secured by a first-class mortgage of up to a maximum guaranteed value of EUR 18 million. The guarantees cover nine land plots with a total area of ​​19.6 hectares in Bucharest. Last month, Impact has signed a promise to buy a 2.2-hectare plot in the north of Bucharest, near Romexpo, to develop a new residential project. Credit Value Investments (CVI) started its operations in 2012 and has under management assets of EUR 1 billion. The Polish company invests in Poland and Central and Eastern European markets. editor@romania-insider.com