The loan was provided by a consortium of four major financial institutions: Erste Bank, BCR, the European Bank for Reconstruction and Development (EBRD), and BRD.
With an estimated investment upwards of EUR500 million, Rivus Cluj-Napoca is currently in the building permitting phase.
“For Iulius, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry. To us, all these milestones certify the attractiveness and quality of IULIUS projects. We are excited that every single time we are able to attract new partners in the financing process, with EBRD now joining the group of banks with which we are collaborating,” said Marius Perșenea, COO at Iulius.
The financing meets LEED Platinum and EDGE Advanced sustainability standards, covering the entire development-operation-top-up cycle. The funding will primarily support the retail component of the project, including cultural areas and green spaces, totaling 132,500 sqm of leasable space.
“Erste Bank and BCR are particularly focusing on sustainable and socially responsible projects, and as such the subject Rivus project which is expected to be the biggest urban green revitalization of the current brown field areas of Cluj-Napoca, and which is planned to meet the highest sustainability criteria is one of the prime targets,” added Marko Brekič, Senior Client Executive from Erste Group Bank.
The project, designed by UNStudio, focuses on integrating the Someș River and the former industrial area into the city, creating a diverse mixed-use space encompassing retail, office, culture, entertainment, and a substantial park.
The whole project is developed on a former industrial platform spanning 14 hectares.