Austrian Inveskredit Bank, part of Volksbank group, gave a loan of 28 million euros for City Business Center TImisoara project, the first center of class A office buildings developed in Timisoara by ModaTim Investment Co., reads a press release of the bank.
"City Business Center Timisoara is no doubt a key project in the office building market in Romania.
The deal underlines the interest of Investkredit in western Romania," said executive manager of the Investkredit office in Romania Claudius Ferentz.
Located in downtown Timisoara, the center includes five office buildings. The first, of eight million euros, ready last Oct., has a built area of some 10,000 sq m, of which 7,500 sq m for rent, and 2,000 sq m for retail. The building was rented to important companies, such as IBM, Vodafone, PricewaterhouseCoopers, Unicredit Tiriac, Carpatair. A second building will cover 7,7000 sq m for rent, 2,000 sq m of them for retail and services.
ModaTim Investment Co. was set up in 2005, for the City Business Center project, by ModaTim Co., one of the most important players in the textile industry in Romania.
Investkredit Bank AG Vienna deals in the financing of the corporate and real estate segments.
The bank is present in Austria and in six more countries in Central and Eastern Europe, namely the Czech Republic, Hungary, Poland, Romania, Slovakia, Ukraine.
The investment by Investkredit Vienna in Romania has exceeded 60 million euros since the beginning of this year.