CTP Romania Obtains EUR 82 Million Loan from BRD and Komerční Banka
This is one of the biggest real estate finance transactions on the local market within the first semester of 2019.
BRD Groupe Société Générale S.A. and the Czech subsidiary of Société Générale, Komerční banka, a. s., granted the term loan credit facility to the real estate developer CTP, in order to sustain its investments in Romania in one of its logistics parks, CTPark Bucharest West. “We are proud to sustain the development plans of our client, especially so as Romania develops at a very fast pace and thus requires modern and reliable infrastructures and in particular logistic hubs”, said Yves Lallemand, BRD Deputy CEO in charge of Corporates Business.
CTP is a full-service commercial real estate developer building, and managing custom-built, high-tech business parks throughout Central and Eastern Europe. CTP has a significant portfolio of A-class parks in Romania, including in Bucharest, Arad, Cluj, Timisoara and other locations across the country, totaling a built-up area over 1 million square meters. The developer has invested nearly EUR 500 million in Romania since entering the market, and plans to develop further.
CTPark Bucharest West is one of the largest master-planned industrial parks not only in Romania but also in Central and Eastern Europe. Currently, the property comprises 400,000 m2 built up area and is planned to reach 1 million m2 in the coming years, aiming to transform Romania in a logistics hub in Eastern Europe.
“I think it is a very good match to have one of our best projects financed by a club of reliable, highly professional banks like BRD-Groupe Société Générale and Komerční banka. We thank them for the commitment and for the hard work needed to put in place such a transaction, which is one of the largest within this half of the year in real estate in Romania”, said Ana Dumitrache, Country Head of CTP Romania.
A cross-border Dentons legal team advised the lenders on this complex multi-jurisdictional transaction. The team was coordinated by Dentons’ office in Bucharest and led by Romania Managing Partner Perry Zizzi and Managing Counsel Magda Răducanu, who were supported on the English, Czech and Luxembourg law aspects by Dentons teams in Prague, Luxembourg and Bratislava.
BRD – Groupe Société Générale is the third largest bank in Romania in terms of assets. It operates a network of 723 branches. The total assets of the bank at the end of the first quarter of 2019 amounted to RON 54.4 billion.