March 15 (SeeNews) - OTP Bank Romania, part of Hungarian financial services group OTP, said that it provided a loan of 57.8 million euro ($62 million) to local real estate developer Exigent Property Investement.
Exigent and OTP Bank Romania also arranged for credit line of 50 million lei ($10.9 million/10.1 million euro), the bank said in a press release on Tuesday.
The Bucharest-based developer will use the loan to finance the fifth construction phase of Plaza Residence, a development comprising more than 6,000 apartments as of now. The fifth stage will call for the construction of an additional 1,288 apartments on a land plot of more than 27,000 sq m and with a total built-up area of 144,200 sq m.
OTP Bank Romania has provided more than 530 million lei for the previous phases of the project, it said.
Exigent Property Investment is owned by Romania's Alfa Group, which is active in the insurance, technology, project management and real estate sectors.
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