Veranda shopping center, located in the Obor area in Bucharest, attracted funding of EUR 25.5 million from Raiffeisen Bank SA and Raiffeisen Bank International AG, that will be used fort the project development.
In this transaction, Veranda Mall was assisted by law firms Freshfields Bruckhaus Deringer and PeliFilip, while financing banks have been advised by the lawyers of CMS Cameron McKenna.
The credit agreement for Veranda shopping center was completed in February 2016 in order to partly finance the total cost for project development. Under the agreement, it provides the opportunity to increase funding to 28.5 million euros, while the total investment in the project is estimated to 60 million.
The shopping center is developed Prodplast Imobiliare and is about 70 percent pre-leased in February 2016. The project includes a total rentable area of nearly 30,000 square meters, with the main anchors being Carrefour (approx. 10,000 sqm) and H&M (2,000 sqm).
The project is planned to be delivered in Q4 of 2016 and due to its modular structure will possibly be expanded in the future.