BelRom takes 10m euros from BRD for sixth shopping complex

Belgium's BelRom group, which has so far completed five retail parks in Romania, three of them subsequently sold to other investors, has secured 10m-euro funding for the construction of the first stage of a shopping complex in Drobeta Turnu-Severin, due to be finalised this September. "We signed the contract with BRD three weeks ago, getting 10m-euro funding for the construction of the first stage of Turnu-Severin project. Investments involved in the construction of the first stage, made up of a Carrefour hypermarket and a shopping gallery, amount to 15.5m euros," Piet Van Waes, a manager with BelRom, primarily in charge with funding, told ZF. This is one of the few funding deals sealed by real estate developers in the past year, as banks have become much more reluctant to lend to this field after the failure of several real estate projects.