January 10 (SeeNews) - Romania-focused real estate developer Speedwell said on Monday it has signed a top-up financing agreement with Garanti BBVA for the second building of The Ivy residential project in Bucharest.
The total amount of the loan contracted from Garanti BBVA for the first two buildings of the project thus reached 15 million euro ($17 million), Speedwell said in a press release.
Located in the northern part of Bucharest, The Ivy will have a total of 800 apartments distributed in ten buildings spread out over 5 hectares of land. The complex will be built in four phases. Currently, works are ongoing for buildings 1 and 2, part of Phase 1 of the project.
Speedwell has a large portfolio of developments in Romania that includes Record Park in Cluj- Napoca, Triama Residence, The Ivy, MIRO and SpacePlus in Bucharest, Paltim in Timisoara, and Riverside City in Ramnicu-Valcea.
Garanti BBVA is part of Garanti BBVA Group Romania, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance. Garanti BBVA Romania is owned by Garanti BBVA Turkey (TGB), the second largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).
($=0.885 euro)
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