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BSTDB Supports Business Infrastructure in Romania
The Black Sea Trade and Development Bank (BSTDB) has extended a EUR 50 million loan to One United Tower S.A. to facilitate the development of business infrastructure in Romania, a statement sent to ACTMedia informs.
The purpose of the BSTDB loan is to finance the development costs of “One Tower”, a green office building making part of the newly developed One Floreasca City mixed-use complex located on a formerly abandoned industrial site in the Romanian capital. The total cost of the project is EUR 54 million. Part of the loan will be used to refinance project costs incurred so far and funded by the shareholders. The “One Tower” building, due for inauguration in the first half of the year, is part of a larger urban rejuvenation project involving also a residential component and aiming to get WELL global certification for people health and well-being. It will also receive LEED Platinum-4 green certification, the world’s strictest environmental standard for buildings. The deal was served by Dentons as its external legal counsel.
“BSTDB is delighted to support this project representing a major investment in the Romanian construction sector amidst the pandemic, which will enhance the offer of quality business infrastructure in Bucharest. We are particularly pleased to note that our client has been repeatedly awarded for the sustainability of their projects, something we seek to support and promote as a development institution”, said Dmitry Pankin, BSTDB President.
"We are glad that through this operation we receive the vote of confidence of an important international financial institution, a confirmation of our efforts to develop sustainable real estate projects at international standards for the Romanian market. It is an important action and at the same time a premiere for One group, which has so far resorted to other financing solutions. The capital will be used to complete the investment and refinance past construction costs of One Tower office building", said Andrei Diaconescu, co-founder of One United Properties.
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One United Tower S.A., was established by One United Properties S.A in 2017 as a a special purpose company to develop, construct and operate “One Tower” office building. One United Properties S.A, was founded in 2007 by Victor Capitanu and Andrei Diaconescu, Romanian entrepreneurs. One United Properties is one of the largest and most successful high-end residential, office and mixed-use developers in Romania, with gross development value of more than EUR 1.1 Bn and an active project pipeline comprising over 2,000 design residential units. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for energy- efficient, sustainable, and healthy buildings. All the company’s buildings have superior certifications of sustainability, energy efficiency and wellness, and the developer is awarded at numerous galas and conferences in the field. One United Properties is the first real estate developer in Romania to be internationally awarded, being the recipient of the “Best Sustainable Residential Development” in the world at International Property Awards 2019-2020.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.
For information on BSTDB, visit www.bstdb.org.