Property developer Speedwell has signed a top up financing agreement with Garanti BBVA to back the construction of the second building of The Ivy residential project in Bucharest, taking the overall loan deal to €15 million.
The complex features 800 apartments in 10 buildings that will be located near an office project recently completed by the same company. The Ivy will be developed in four phases and construction works are ongoing on the first stage.
“The future belongs to green funding, and we team up with partners who share these values. We are constantly developing our value proposition by factoring in the benefits offered by green projects. We trust that such partnerships, built on a sustainable basis, will become a model for the market,” stated Çağri Memişoğlu, Deputy General Manager at Garanti BBVA Romania.
Speedwell’s portfolio comprises residential, office and mixed-use schemes in Bucharest and regional cities.
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