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BUCHAREST (Romania), October 16 (SeeNews) - Romanian real estate company Impact Developer & Contractor [BSE:IMP] said that it 99.99%-owned unit Bergamot Developments has taken out a loan from UniCredit Bank with a maximum value of 20.7 million euro ($22.8 million) plus a further 3.7 million euro in the form of a revolving credit facility.
Bergamot Developments will use the funds to finance the first stage of construction of the Luxuria Domenii Residence residential complex project in Bucharest, Impact Developer & Contractor said in a bourse filing on Tuesday.
The loan will cover about 65% of the total cost of the first stage of the project.
The loan, guaranteed by Impact Developer & Contractor, has to be repaid by August 31.
Impact Developer & Contractor shares closed 0.88% higher at 1.15 lei on the Bucharest Stock Exchange on Tuesday.
($ = 0.9061 euro)