Africa Israel has received funding that covers around 80% of development at Bucharest's Cotroceni Park mall. Real estate developer Africa Israel, which announced investments worth around one billion euros on the local market, has secured funding worth 234 million euros from the London branch of the German bank Hypo Real Estate. The credit will be invested in the development and management of Cotroceni Park mall over a five-year period. "From the very start, we negotiated with foreign banks from Germany, Greece and Austria, which we knew had the means to provide such funding. As far as I know, this is the largest funding granted to one single real estate project on the local market," said Reuven Havar, the company's executive manager. In November, real estate developer Copper Beech obtained funding worth 575 million euros from Banca Comerciala Romana (The Romanian Commercial Bank) for several residential projects, which is the largest credit secured by a developer for projects conducted on the local market.
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