BUCHAREST (Romania), September 21 (SeeNews) – Romanian real estate company Impact Developer & Contractor [BSE:IMP] said on Wednesday it has signed a loan contract with OTP Bank worth a total 40.44 million euro ($44.4 million), including VAT, to finance works on a residential complex in Bucharest.
The company will use the funds to complete the construction of 732 apartments in Greenfield Baneasa residential complex, of which 42% have already been contracted, it said in a report filed with the Bucharest Stock Exchange.
The loan shall be reimbursed, according to contractual agreements, by end-March 2025.
By the end of 2022, the company plans to deliver 200 additional apartments as part of the Boreal Plus apartment complex in the south-eastern city of Constanta. Additionally, Impact will begin development on the 1,062-unit Greenfield Copou residential complex in the north-eastern city of Iasi, once it receives construction authorization.
Impact Developer & Contractor is part of Impact group, which also includes companies that offer services like management and property maintenance, loan brokerage, interior design, as well as real estate lease and sale.
Earlier this month, Impact acquired majority stake of local mechanical and electrical engineering company RCTI Company for 14.4 million lei ($2.92 million/2.92 million euro).
Its shares traded 0.73% lower at 0.41 lei by 0925 CET on the Bucharest Stock Exchange on Wednesday.