Greek industrial park developer Helios Phoenix got a EUR 21.3 million loan from Alpha Bank London to refinance its Olympian parks in Timisoara and Brasov, according to Business-Review.eu.Alpha Bank London sighed a credit contract at the end of September for the amount of EUR 21.292 million with Olympian Timisoara, Olympian Brasov and Olympian Chiajna, owned by Helios Phoenix.
“The money will be used to refinance a loan from Credit Agricole to develop the Olympian parks in Timisoara and Brasov”, according to Athos Myrianthous, development director for Helios Phoenix.
The Greek developer announced in August that it intends to expand the Olympian Park projects in Brasov and Timisoara by 25,000 square meters, given that the current leasable surfaces (totaling over 45,000 sq m) are completely booked. The developer said at the time that it is also looking to expand into Cluj and Constanta.
The Timisoara will be extended by 20,000 sq m, and the Brasov park by 5,000 sq m. Construction already began for Olympian Park Timisoara’s expansion and will be completed in the second quarter of 2015.
“For the Timisoara expansion we will invest EUR 7 million and the space has already been contracted by TT Electronics. For our Brasov project, where we will begin construction in March, we will invest EUR 3 million and we are currently negotiating a lease contract. We also have scheduled for March 2015 the beginning of a 10,000 sq m project in Cluj where the local demand for such spaces is huge, especially from production companies. We don’t have tenants yet in Cluj, but we will begin a speculative development”, Myrianthous added.