Romanian real estate developer Element Industrial has received financing of €23 million from Alpha Bank Romania for the development of the first two phases of the ELI Park 3 project, part of the ELI Park Bucharest North West hub.
”The financing line covers the development of the first two phases of ELI Park 3 within the hub we are developing in the Buftea – Chitila area,” said Andrei Jerca, Managing Director, Element Industrial. “We went through a difficult period with numerous challenges, having in mind the increase in costs and the border conflict. Nevertheless, we succeeded to maintain the pace of development and rental, and the trust given by our partners, both tenants and the financing bank, gives us reasons to continue the plans for ELI Park Bucharest North West”.
The first phase of ELI Park 3, with an area of 18,500 sqm, was delivered this spring and is fully leased. In the second phase, namely 30,000 sqm, the occupancy rate has already exceeded 75 percent and the deadline for completion is the fourth quarter of the current year.
“The ELI Park 3 financing offered by Alpha Bank supports the development plans of Element Industrial in a very competitive market, stimulating through this long-term partnership the expansion of the ELI Park Bucharest North West hub. We value the consolidation and expansion of the logistics sector and proactively respond to the ever-evolving needs of consumers. We encourage corporate clients to invest in increasing their competitiveness in the market and the long-term sustainability of their companies, and we are happy to be part of this important initiative,” said Periklis Voulgaris, Executive Vice President of Wholesale Banking at Alpha Bank Romania.
Through the ELI Parks projects, Element Industrial’s main objective is to fully cover the needs of potential tenants, regardless of the field in which they operate. In this context, the concepts used in park development allow flexibility in accommodating a wide range of needs, both technical and operational.