Speedwell, one of the most dynamic real estate developers in the Romanian market is joining hands with BRD Group Société Générale by signing a financing agreement of EUR 22.5 million for the development of Record Park, the first mixed urban regeneration project in Cluj–Napoca. BRD Group Société Générale is one of the major financiers in the Romanian corporate banking market, having been recognized as “The best bank in Romania” in 2018 by the well-known “The Banker” magazine.
The Record Park project includes a Class A office building providing 12,000 sqm leasable area, a residential component with 236 apartments, the 200-year old Imperial Stables which have been refurbished by the developer into a restaurant and co-working and art hub, and a sports club (World Class) with a semi-Olympic pool and large green areas.
“We are happy that central mixed projects like our Record Park inspire confidence to important banks such as BRD” said Gabriela Chinzenschi, the CFO of Speedwell. “This development recipe with residential, office and facilities included, that has proven to be very attractive to customers, will be replicated into another Romanian big city, Timisoara, where we are developing another mixed-use project on the recently acquired land plot of the Paltim factory.”
The legal team advising on borrower’s side comprised Otilia Petrescu – General Counsel and Alex Bumbu – Legal Counsel, assisted by Reff & Associates banking team involving Alina Tihan – Senior Managing Associate and Diana-Elena Rotaru – Associate. On lender’s side, BRD Group Société Générale was assisted by Tuca, Zbarcea & Asociatii through Mihai Dudoiu – Partner and Catalin Georgescu – Managing Associate.
Speedwell is an experienced real estate developer founded by two Belgian citizens, Jan Demeyere and Didier Balcaen, having a significant portfolio of real estate projects completed or being finalized in major cities in Romania such as Bucharest, Cluj-Napoca and Timisoara.