Romanian developer Element Industrial has secured a loan of €23 million from Alpha Bank Romania for the construction of the first two phases of the ELI Park 3 project, part of the ELI Park Bucharest North West hub.
The first phase of ELI Park 3, with an area of 18,500 sqm, was delivered this spring and is fully leased. In the second phase, covering 30,000 sqm, the occupancy rate has already exceeded 75% and is slated for delivery in Q4.
"We went through a difficult period with numerous challenges, having in mind the increase in costs and the border conflict. Nevertheless, we succeeded to maintain the pace of development and rental, and the trust given by our partners, both tenants and the financing bank, give us reasons to continue the plans for ELI Park Bucharest North West,” said Andrei Jerca, Managing Director of Element Industrial.
The development company is a joint venture between Element Group, founded by Ionuț Dumitrescu, and D Craig Real Estate, the real estate division of the investment fund D Craig Holding, controlled by Sacha Dragic.
