Iulius, Atterbury Europe secure record €400 million loan for mixed-use project in Cluj-Napoca

Business Forum
Iulius and Atterbury Europe have secured the largest loan ever granted for a new real estate development in Romania. The €400 million syndicated financing will back the development of the Rivus Cluj-Napoca mixed-use urban reconversion project. The green loan was provided by a consortium of four major financial institutions: Erste Bank, BCR, EBRD, and BRD. 

Andrei Svoronos, Associate Director / Senior Banker at EBRD, announced the signing of the deal at Bucharest Business Forum 2025, organised by Property Forum on 20 May.

The financing meets LEED Platinum and EDGE Advanced sustainability standards, covering the entire development-operation-top-up cycle. The funding will primarily support the retail component of the project, including cultural areas and green spaces, totalling 132,500 sqm of leasable space.

Marius Perșenea, COO at Iulius, said: "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."

“Erste Bank and BCR are particularly focusing on sustainable and socially responsible projects, and as such the subject Rivus project which is expected to be the biggest urban green revitalization of the current brown field areas of Cluj-Napoca, and which is planned to meet the highest sustainability criteria is one of the prime targets,” added Marko Brekič, Senior Client Executive from Erste Group Bank.

"By transforming a long-neglected site into a vibrant public space, the initiative will both enhance the city's landscape and advance the goals of the EBRD Real Estate Sector Strategy 2025-2029, where urban regeneration is a core pillar. It also marks the Real Estate team's largest urban regeneration project signed so far this year, a milestone we are extremely proud of,” said Vlaho Kojakovic, Director of Real Estate for the EBRD.

With an estimated investment upwards of €500 million, Rivus Cluj-Napoca is currently in the building permitting phase. 

The project, designed by UNStudio, focuses on integrating the Someș River and the former industrial area into the city, creating a diverse mixed-use space encompassing retail, office, culture, entertainment, and a substantial park. 

The whole project is developed on a former industrial platform spanning 14 hectares.

RECOMMENDED
Rădăcini Estate invests in retail park near Bucharest
Real estate

Rădăcini Estate invests in retail park near Bucharest

Rădăcini Estate, the real estate division of Rădăcini Grup, is set to develop a modern retail park in the Chitila area. This project, a partnership with general contractor ImoSteel, represents an investment of nearly €8 million.

Olala! acquires two hotels in Bucharest for €5 million
Real estate

Olala! acquires two hotels in Bucharest for €5 million

Olala! is strengthening its strategic expansion in the Romanian market with the acquisition of two hotels located in central Bucharest – Hotel Duke Romană and Hotel Duke Armenească – in a €5 million transaction.

Erste and BCR refinance office building in Bucharest
Real estate

Erste and BCR refinance office building in Bucharest

Erste Group Bank and its Romanian subsidiary BCR have jointly provided €21 million in refinancing for the Day Tower office building in Bucharest. The loan facility was signed with Danube Capital Partners.

EBRD downgrades 2025 growth forecast for most CEE countries
Real estate

EBRD downgrades 2025 growth forecast for most CEE countries

The European Bank for Reconstruction and Development (EBRD) has cut its 2025 growth forecast for its regions by 0.2 percentage points to 3.0%, with a moderate rebound to 3.4% expected in 2026. This follows a similar downgrade in February and reflects mounting global headwinds, including rising trade policy uncertainty, softening external demand, and newly imposed tariffs.

RECOMMENDED FROM THE HOME PAGE
Romanias net profit of banking system up 5% in 2024
Finance

Romania's net profit of banking system up 5% in 2024

The net profit of the entire banking system amounted to RON 14.197 billion (€2.86 billion) at the end of 2024, up 5% compared to 2023, according to the annual report for 2024 published on Monday by the National Bank of Romania.

READ MORE
Business Forum  |  23 June, 2025 at 6:23 PM
Business Forum  |  23 June, 2025 at 4:26 PM