March 13 (SeeNews) - Romanian real estate developer One United Properties [BVB:ONE] said on Monday that it has contracted a loan worth 20 million euro ($21.4 million) from local lender Banca Transilvania [BSE:TLV].
The company will use the many to fund the completion of One Cotroceni Park, a residential development in the capital Bucharest due for end-2023, it said in a press release.
The loan's term is 42 months.
One Cotroceni Park is a mixed-use development which boasts housing units and office spaces. The compound boasts 868 apartments and is only the first phase of a larger project, called One Cotroceni City, the company detailed.
One United Properties' shares traded 0.58% higher at 0.8620 lei ($0.18/0.17 euro) as of 0906 CET on Monday on the Bucharest Stock Exchange.
Banca Transilvania's were up 0.31% at 19.24 lei by 0909 CET.