Impact Bucharest, a real estate development company, intends to implement a share capital increase by 30 million euros and a bond issue worth 10 million euros this year, to bolster the financing of projects it is carrying out.
"To finance our projects, we plan to operate a bond issue and a capital increase, with the rest of necessary sums to be secured from banking loans. For the bond issue, we have in mind the sum of 10 million euros, and the capital increase will be worth at least 30 million euros, accounting for sums flowing into the company," Dan Ioan Popp, Impact chairman, told ZIARUL FINANCIAR.
He is also considering the alternative of creating special vehicles meant to manage real estate projects that are developed together with foreign partners. "For instance, we are considering a project to build blocks of flats worth 80 million euros in Bucharest, which would be financed with the aid of some foreign institutional investors," specified Popp.
Over recent years, Impact, better known as a villa builder, has also got involved in the social housing segment, by launching some projects related to the construction of blocks of flats in Bucharest and Constanta, as well as in the office building segment, through the Construdava project.
The most important project Impact has heralded, "Turnurile Cardinale" (Cardinal Towers i.e.), which will be developed on an area of around 100 hectares in the northern part of the capital city and will comprise housing units for 5,000 families, as well as five office buildings. The value of this project amounts to around 420 million euros and the company hopes to get the support of local authorities.
Impact is one of the most active companies on the Bucharest Stock Exchange in terms of how often it resorts to it to raise capital. In 2005, Impact carried two bond issues and a capital increase.
The main shareholder in the company is businessman Dan Ioan Popp, owning more than 30 percent in stock and controlling about 42 percent of the company together with the other managers. The company''s shareholders were also joined by a series of investment funds, currently controlling about a quarter of the stock. andrei.chirileasa@zf.ro
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