October 17 (SeeNews) - Romanian state-owned savings bank CEC said on Wednesday it is lending 34 million euro ($39.3 million) to Bucharest-based Veranda Shopping Centre.
The mall will use the proceeds of the loan to finance expansion and upgrades, CEC said in a press release.
The financing was granted as an investment credit for a period of 15 years.
"In line with its strategy, CEC Bank continues to support Romanian projects that, by their nature and impact, contribute to economic development, job creation and maintenance. We believe in the Veranda Mall project and we want this commercial complex to become a landmark and a symbol not only for the Obor area but for the whole capital," CEC Bank's interim general manager, Mihaela Popa, said.
Veranda Mall was opened on October 27, 2016, with Carrefour as an anchor store, 100 other stores, 1,200 parking spaces and a food court area. In spring 2019, Slovakia's Cinemax will open a cinema at the mall.
"Together, we wil continue to develop Veranda Mall. We will add a cinema, bring new stores and develop the Obor area. Veranda Mall is our sole project with a positive impact on the job market and on the modernization of Bucharest's District 22," Veranda Mall owner Andrei Pogonaru said.
Founded in 1864 as Casa de Economii si Consemnatiuni (Deposits and Consignments House), it was reorganised in 1996 as a joint stock company with the finance ministry as its sole shareholder and was re-branded as CEC Bank in 2008.
($= 0.8643 euro)
CEC Bank SA is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here