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UniCredit Tiriac Bank gives a EUR 125m loan to support a building project in IasiUpdated: 03-09-2008 |
Contracter Palais 1, part of the Iulius Group, borrowed 124.8 million euros from UniCredit Tiriac Bank to develop a residential project in the eastern city of Iasi, according to the lender.
The total investment in the Palas project tops 250 million euros. The condominium is to spread on 120,000 square meters and to include residential, commercial and class A office-destined buildings, 3,000 subterranean parking lots, hotels and recreation spaces. The project is due in 2010.
The bank also intends to launch a credit program to ease the acquisitions of Palas apartments.
UniCredit Tiriac Bank owned, at the end of June, 3.9 million euros worth assets and currently administers 180 branches.
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