Copper Beech, Africa Israel and Iulius Grup have contracted financing worth around 1bn euros this year to develop the real estate projects announced for the next 3-5 years.
The biggest loans granted to real estate developers this year were taken out to finance the start of some housing and retail projects worth above 3bn euros.
Thus, UK's Copper Beech group contracted a 575m-euro loan to develop some housing projects, with the possibility of the loan facility to be expanded to over 1.5bn euros, a situation where project financing for the next six years would be secured. The agreement between the lending institution and Copper Beech Group was signed for a 12-year period and is the biggest loan contracted by a real estate developer operating domestically.
The British group announced this year it would invest 2.5bn euros to develop some housing projects with 16,500 units in Bucharest.
The first housing project launched by Copper Beech, called Blue Tower, will be located in Colentina and involve 30m-euro investments. It will consist of a 156-apartment block, with investments to be financed by Alpha Bank.
In 2008, Copper Beech will start building around 7,000 homes in Bucharest, with the biggest project to be developed 15 kilometres away from Bucharest, in the northern area, in the wake of an 800m-euro investment.
Copper Beech Group includes 11 firms and is due to reach a total of 17-18 firms in the future.
Copper Beech has so far invested some 62.5m euros and will invest a further 100m euros in plots of land in the next 3 years, according to the latest data available.
Thus, the 575m-euro loan granted by BCR will help Copper Beech expand its residential investments faster given the Brits had announced they would reach 350m-euro investments in 2008.
Whereas Copper Beech got the biggest loan on the real estate market, Is
