February 1 (SeeNews) - The Romanian branch of Greece’s Alpha Bank said on Wednesday that it has extended a 70 million euro ($76.2 million) long-term loan to Romanian online retailer eMAG for the construction of a logistics centre near Budapest.
Alpha Bank’s long-term financing facility follows an initial bridge loan of 30 million euro, disbursed to eMAG in December, the lender said in a press release.
The total investment in the 120,000 sq m logistics hub will amount to more than 100 million euro.
The development is eMAG’s first large-scale logistical investment outside Romania and is part of the company’s e-commerce ecosystem growth strategy.
“The investment in the logistic centre of over 100,000 sq m near Budapest, the largest in Central and Eastern Europe, accelerates the development of our ecosystem across the region and enables cross border expansion for eMAG Marketplace sellers,” eMAG CEO, Tudor Manea, said.
eMAG was founded in 2001 by Romanian entrepreneurs and later expanded to currently serve nine million customers in Romania, Bulgaria and Hungary.
The online retailer booked a consolidated turnover of 9.57 billion lei ($2.1 billion/1.9 billion euro) in 2021, of which 5.68 billion lei were achieved on the Romanian market.
($=0.9187 euro)
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