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Bulgaria's Arco Towers in 15 mln euro loan deal with UniCredit Bulbank

Jul 4, 2024, 4:00:21 PMArticle by Mihaela Miteva
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July 4 (SeeNews) - Bulgarian real estate investment trust (REIT) Arco Towers [BUL:ARCT] said it signed on July 2 an agreement with UniCredit Bulbank for an investment loan of up to 14.98 million euro ($16.1 million).

Bulgaria's Arco Towers in 15 mln euro loan deal with UniCredit Bulbank
Central Park residential complex mockup. Image source: Bulgarian Properties

The financing will be used for the construction and commissioning of two buildings, a ground floor and two underground levels in Arco Towers' Central Park residential complex in Sofia, the REIT said in a bourse filing on Wednesday.

The loan, which will be disbursed in instalments, has a term of five years with a three-year grace period.

Shares in Arco Towers last traded at 30.00 levs ($16.50/15.34 euro) on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

($ = 0.9295 euro)

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