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Cluj financial-banking centre to attract investments worth 300M euros

Piata Abator in Cluj-Napoca (central) will turn into a financial-banking centre and attract investments worth around 300 million euros, in the years ahead. The centre will be developed by late 2015 and will include office buildings, shopping centers and dwellings covering a total area of over 50,000 sq.m.
The targeted area covers 14 hectares, where up to 20 storey-tall buildings may be built. Private investors hold 70% of the land where the centre will be developed.
“Once the financial-banking centre completed in 2015, it will attract significant funds, expand current services and contribute to their development. At the same time, new jobs will be created, medical services will be boosted and last but not least, it is to become a Cluj brand,” said Banca Transilvania ex-chairman and incumbent Imo Grup’s head Iosif Pop. Pop also plans to develop Europa Business Center.
Polus Real Estate and Beyfin Romania have also announced projects in the area. Tiriac Imobiliare and Germany’s LBBW Immobilien also plan to develop a project worth 80 million euros.
Pop’s project will have around 11,500 built square metres, while class A and B office space will account for as much as 50% of the overall construction. Originally, the value of the project was put at around 12 million euros, but it will go up by at least 20% due to the rising prices of the main construction materials, according to Imofinance representatives.
Investments will be 20-35% covered by the company’s own resources, with the rest of funds to come from banking loans.
“We are waiting for the project’s approval so that we can start construction works, by the end of the month, which we expect to last for about one year and a half. We’re even considering organizing a tender to get the best investment financing conditions,” adds Pop.
The partner of Imo Grup in the deal is Matei Miko, owner of Mikotronic company. Businessman Iosif Pop headed Banca Transilvania since it was set up till 2002, and subsequently created Imo financial group, designed to operate as a mortgage company. At present, the group is developing various real estate projects in Cluj, Arad, Sibiu and Baia Mare.
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