International Finance Corporation (IFC), part of the Word Bank Group, is providing a €72 million loan to a subsidiary of Iulius Holding for the development of a new green office project in Iași, northeastern Romania.
The green loan was granted to Palas Campus, which plans to develop an eco-friendly 60,000-square-metre information technology complex.
“Obtaining a syndicated green loan from IFC for Palas Campus, the first loan of this kind in Romania, is a testament to the sustainable development and operational policy underlying this project. This endeavor will also open new horizons for the business community in terms of international investments.”
The new complex will obtain IFC`s Excellence in Design for Greater Efficiencies (EDGE) certification for buildings. The certification states that the building uses 20% less energy and water than a standard project.
Iulius Holding is the largest developer of mixed-use schemes in regional cities. It’s Palas Iași complex was developed following an investment of more than €300 million, comprising a large shopping mall and six office buildings with 70,000 sqm of leasable space.
The company aims to develop a large-scale project with multiple functions in Bucharest, near the Romexpo exhibition centre. However, the project is still in the planning stages due to legal matters related to the land for future development.
