ZF English

BelRom takes 10m euros from BRD for sixth shopping complex

24.05.2010, 19:38 18

Belgium's BelRom group, which has so far completed five retailparks in Romania, three of them subsequently sold to otherinvestors, has secured 10m-euro funding for the construction of thefirst stage of a shopping complex in Drobeta Turnu-Severin, due tobe finalised this September. "We signed the contract with BRD threeweeks ago, getting 10m-euro funding for the construction of thefirst stage of Turnu-Severin project. Investments involved in theconstruction of the first stage, made up of a Carrefour hypermarketand a shopping gallery, amount to 15.5m euros," Piet Van Waes, amanager with BelRom, primarily in charge with funding, told ZF.This is one of the few funding deals sealed by real estatedevelopers in the past year, as banks have become much morereluctant to lend to this field after the failure of several realestate projects.

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