The financiers have arranged a package of EUR96 million, of which the EBRD is providing EUR43.8 million and ING EUR52.2 million.
The 52-hectare park is operated by the Romanian unit of the real estate developer CTP, which owns the largest portfolio of premium business parks in central Europe, with over 3 million square meters of gross leasable area of class-A properties in more than 60 strategic locations.
The loans will support the operation of several resource-efficient warehouses which host such tenants as telecommunications operator Orange, information management firm Iron Mountain, and global logistics company XPO Logistics.
Part of the EBRD loan will also finance the construction of a warehouse. The new building will be certified as “Very Good” in line with BREEAM, the world’s leading sustainability assessment method for buildings. BREEAM-rated developments enhance the well-being of the people who live and work in them, help protect natural resources and make for more attractive property investments.
Romania remains one of the most energy- and carbon-intense economies in the European Union, with more than double the average intensity. Building stock is a significant energy consumer, accounting for about 40 per cent of the total energy consumption of the country.
Currently only three industrial parks in Romania operate in line with green standards. CTPark is working to receive green certification for its other logistics area, CTPark Bucharest West, some 20 km away from Bucharest. The development received EBRD financing last year.
“Resource efficiency remains an important task for Romania. Given that the industrial sector is growing fast, it is crucial to set standards for logistics developers and operators. The EBRD’s first such effort was made last year through our financing to CTPark Bucharest West. We are pleased to further support the company’s drive for greater sustainability with new financing, Matteo Patrone, said EBRD Regional Director for Romania and Bulgaria.
“At ING, sustainability is one of our core values and a main pillar of our group strategy. We strongly believe that companies who address climate change and resource scarcity will be the winners of tomorrow’s economy. CTP Group is one of these future winners and ING has been a reliable supporter of its development in other locations. This financing marks the start of our real estate financing activities in Romania,” said Mihaela Bitu, ING Executive Director and Head of Wholesale Banking Romania.