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Nov 21, 2007 14:52 EEST
November 21 (SeeNews) - Romania’s largest bank by assets Banca Comerciala Romana (BCR) said on Wednesday it had signed a deal to lend up to 575 million euro ($850.5 million) to Cyprus-regirested real estate developer Copper Beech.
Copper Beech will use the 12-year loan to build residential property in Romania. It plans to invest 2.5 billion euro into the building of 16,500 residential units in the next five years, BCR said in a statement.
Copper Beech has recently launched its first project called Blue Tower, a 30 million euro block of flats in Romania's capital Bucharest. The Cyprus-regirested company operates only in Romania, its spokeswoman Simona Potop told SeeNews.
BCR, owned by Austria’s Erste, had a market share of 26.2% at the end of last year. BCR reported a net profit of 725.8 million lei, equivalent to 219.6 million euro, for the nine months through September, up from 599 million lei a year earlier.
(1 euro = 3.5412 Romanian lei)
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