RIVUS Cluj-Napoca, the mixed-use urban reconversion project developed by companies IULIUS and Atterbury Europe, was granted the largest loan for a new real-estate development in Romania. The loan adds up to approximately 400 million Euro and it is in the form of syndicated financing granted four loan institutions: Erste Bank, BCR, BERD, and BRD. RIVUS restores 14 hectares of a former industrial platform back to the city, in the form of a mixed-use project with likely the widest functional diversity in Romania – retail, office, culture, entertainment, park. The project investment is estimated upwards of half-billion Euro, and it is currently in the building permitting phase.
RIVUS Cluj-Napoca is a project tackling the urban reconversion of a brownfield area spanning more than 14 hectares into a regional attraction, customized to the expectations and needs of the community and the city. This is a sustainable project and the concept for it was designed by the prestigious international architecture firm UNStudio, with a focus on leveraging Someș River and making it accessible to the public, and integrating the entirety of the former industrial area with the city as a pole of urban development. The largest loan granted to an industrial real estate development in Romania, adding up to 400 million Euro, was secured for this project developed by companies IULIUS and Atterbury Europe. This is a green syndicated loan, secured by meeting the LEED Platinum and EDGE Advanced sustainability standards, which cover the entire development-operation-top-up cycle. The syndicate of banks providing the financing is comprised of Erste Bank (Lead Arranger), Banca Comercială Română (BCR), European Bank for Reconstruction and Development (EBRD), and BRD Groupe Société Générale. The financing primarily focuses on the retail component of the project, including the cultural areas and green spaces, which means a total leasable area of 132,500 sqm.
“For IULIUS, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry. To us, all these milestones certify the attractiveness and quality of IULIUS projects. We are excited that every single time we are able to attract new partners in the financing process, with EBRD now joining the group of banks with which we are collaborating. The mix of local, regional, and global banks provide the financial stability we need in order to focus on what we do best: large scale green mixed-use project, with significant investment values (usually upwards of half-billion Euro), in central locations, and contributing to the economic development of their respective local and regional communities. The trust placed in us by our clients, tenants, and banks motivate us to bring ever more daring, more complex projects on the market, with even greater positive impacts on their respective communities,” said Marius Perșenea, Chief Operating Officer IULIUS.
RIVUS – The largest lifestyle center in Romania
The functional diversity of RIVUS includes:
- The largest retail area in Romania, spanning 142,000 sqm (integrating the shopping mall, as well as the complementary retail facilities) in a mixed-use concept that enhances the shopping experience with public and leisure services and facilities
- More than 400 stores, including regional and national premieres
- 30+ new concept-restaurants and coffee shops overlooking Someș River
- A new park and landscaped green spaces spanning more than 52,000 sqm
- Japanese rooftop garden
- Two industrial buildings reconverted to accommodate cultural venues, office spaces, and services
- Live arts center– feature integrated for the first time in a real estate project based in Romania
- First-to-region entertainment concepts for all ages
- The latest cinema technologies for the first time in Transylvania, as well as open air cinema
Premium green office spaces – 15,000 sqm GLA
