March 6 (SeeNews) - Cascade Group, a foreign-capital family office which has been operating in Romania for over two decades, said it is launching a new investment division which will offer 40 million euro ($43.4 million) in financing to local entrepreneurs as well as small and midsize investors operating in real estate and other industries in the next five years.
The new division named Cascade Capital aims to address entrepreneurs' need for funding, which has become harder to obtain recently, Cascade Group said in a statement on Tuesday.
"We are traversing a period when access to credit is becoming increasingly difficult, limited, and expensive. We launched this line of business with the aim of identifying and supporting entrepreneurs in real estate, but we quickly arrived at the conclusion that we could use our experience to support players in other industries as well," said Cristian Stroe, director of the newly formed division.
Cascade Capital is looking to partner with reputable companies which require an injection of capital to develop their projects amid current conditions of limited bank financing, as per the statement.
Cascade has so far invested more than 500 million euro in Romania's real estate and capital markets. Cascade Group, which is managing an asset portfolio worth more than 60 million euro, comprises divisions Cascade Property, Cascade Capital Markets, and newly established Cascade Capital.
($=0.9216 euro)