entons’ Bucharest office advised The Black Sea Trade and Development Bank (BSTDB) on its 50 million EUR financing to One United Tower for a green office building development in Romania. This represents the largest financing deal on the office market in Romania for 2021.
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.
Simona Marin, Partner and Head of the Banking and Finance Practice at Dentons Romania stated, “We are proud to have advised our long-standing client BSTDB in this landmark transaction and add our efforts to that of BSTDB and One United Tower to promote green projects in Romania. Sustainable finance is one of Dentons’ specialties in Europe and we salute and support the commitment of financiers and investors alike to help meet the zero carbon emission challenge.”
Dentons Bucharest’s multidisciplinary team that advised on the deal was led by Simona Marin in close cooperation with Bogdan Papandopol, Partner and Head of the Real Estate practice and supported by banking and finance counsel Maria Tomescu and associates Sandra Constantin, Cristina Staicu and Isabela Gheorghe.