ICCO takes out a 23 million euros loan for the Braşov Industrial Park

After 1 year of negotiations, ICCO has taken out a loan of 23 million euros from UniCredit Ţiriac Bank in order to allow for the continuation of the works for the Braşov industrial park, which is currently 40% complete, with the total cost of the project estimated at 32 million Euros.

Mirela Rădulescu, the group"s marketing manager, says that the main objective of the partnership with Unicredit is the Braşov Industrial Park- a private greenfield project that offers offices, production and storage spaces for rent.

The construction of the industrial park began at the end of 2007, with 4 sheds already completed, which a total area of 40,000 square meters which have been fully leased with long term contracts. Thus, out of the total area of 29 hectares, 40% of the Bra ov Industrial Park is already completed. Apart from the four buildings already completed, the company has another 10,000 sqm shed available for rent, which is currently 70% complete.

The company launched the negotiations for securing funding approximately one year ago. "Given the current state of lending, the approval of funding by UniCredit was not an exception. The negotiations with the bank began approximately 12 month ago. In the end, what matters is that after several rounds of discussion the loan was approved and the bank honored its partnership with ICCO", Mirela Rădulescu said.

The construction of the industrial park was announced in the beginning of last year, when officials of the group said that the investment would amount to 45 million euros. The objective of the investment and its objective would be to develop 11 production sheds with a total surface of 140,000 square meters and three office buildings, with the afferent infrastructure and utilities, by the year 2012. The first stage would see the completion of five production sheds and an office building.

Reputable customers

The plans of the group for this year include the rental of the 10,000 sqm shed which is currently available and to attract new tenants in order to complete the remaining 20,000 sqm spaces for rent.

The Braşov Industrial Park is located near the future Braşov International Airport, and the already completed buildings are currently rented by Preh - German electronics maker, TCE Curiero - Romanian logistics company, Becotek of Norvegia - brass foundry, Benchmark - American electronics maker, EuroDruck Services Germany - printing services and Vestas AirCoil S/A - Danish air conditioning equipment maker.

The construction of the industrial park was announced in the beginning of 2008, when officials of the group said that the investment would amount to 45 million Euros.