Property group Prime Kapital has secured a green club loan of €125 million for its development joint-venture with listed property investor MAS plc.
The multi-tranche facility is provided by a consortium of four domestic and international banks, with Raiffeisen Bank and Alpha Bank acting as arrangers and underwriters of the transaction. It was raised on a project finance basis for five new commercial retail properties that Prime Kapital recently opened in Romania and a sixth one currently under development. The list includes Zalău Value Centre, Dâmbovița Mall, Sepsi Value Centre, Bârlad Value Centre, Prahova Value Centre as well as a new mall under development in Alba Iulia.
”The level of appetite that we have encountered among local and international banks during the transaction for this multi-property financing was really encouraging. We believe that the institutional funding support provided by the banks for the transaction is a validation of Prime Kapital’s retail asset investment strategy with its strong focus on geo-diversified, locally dominant, sustainable green developments that have substantial and meaningful community impact,” said Prime Kapital Partner Johan de Lange.
Prime Kapital’s portfolio in Romania includes retail and residential projects in Bucharest and regional cities.
