Omilos Cypriot real estate developer has raised 4m euros fromtwo British funds managed by Charlemagne Capital and from ArgoCapital Partners to continue investments in the development of ERAShopping Park of Oradea and Iasi, according to an announcement byEuropean Convergence Development Company (ECDC) investment fund,managed by Charlemagne.
Omilos needs money to develop the two malls part of the shoppingparks, with half of the funds being secured by the firm'sshareholders, while for the rest the companies that developedAsmita Gardens (ECDC) and Suceava Shopping City and Sibiu ShoppingCity (Argo) were attracted in the company's shareholderstructure.
Most of the money should come from banks, though, with thedevelopment of the two projects being operated through loans takenout in 2007-2008 from Eurobank and Banpost, Banca Romaneasca andNBG, as well as Bank of Cyprus.
Omilos' contribution in the two investments will amount to 4meuros, with the rest of the money due to come from the otherpartners attracted in the projects.
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