News Article Bucharest development financing retail Romania
by Property Forum | Retail

CEC Bank and Veranda Mall have signed two financing agreements totalling €34 million, aiming to refinance the development of the project and finance the expansion and modernisation of the shopping centre. Both funding rounds were provided in the form of investment credits for a period of 15 years.

Veranda Mall, developed by Prodplast Imobiliare and opened in 2016, offers 30,000 sqm of retail space. The list of tenants includes Carrefour, H&M, C&A, LC Waikiki, CCC, Deichmann, Triumph, Pepco, Yves Rocher, Sephora, Noriel, Splend’Or, Melkio, Diverta, Catena and Sensiblu.
The mall required an approximately €60 million of investment, 60% contributed by shareholders, while about €28.5 million came from Raiffeisen Bank SA and Raiffeisen Bank International AG. SIF Moldova invested around €14 million in the development of the shopping centre.