The new financing strengthens the development's financial structure and provides predictability for the next stages of construction. The financing provides the necessary resources independently of the pace at which advance payments are collected from buyers under pre-sale agreements.
The EUR 36.5 million financing represents a very important step for Horizon City and provides the project with a solid financial resource for the next stage of development. For buyers, this financial structure means greater predictability and security regarding the accelerated progress of the project.
Cătălin Apetri, CEO and founder of CGA Home Consulting and development director for Romania for investor Ghai Sant Ram
Construction works at Horizon City are progressing simultaneously on the structural elements, partitions, installations and preparations for the finishing stages.
Libra Internet Bank’s experience in financing residential developments enables us to thoroughly understand the requirements and challenges associated with investments on the scale of Horizon City, particularly in a context in which access to financing is essential for achieving project objectives. This is why we continue to support real estate projects with clear goals and solid fundamentals, and we are confident that Horizon City will become a landmark in one of Romania’s most highly regarded residential areas.
Cristina Mahika-Voiconi, CEO of Libra Internet Bank.
Horizon City is being built on Pipera Boulevard, on a 2.3 ha site, and will comprise 699 residential units to be developed in two stages. The project provides 926 parking spaces, including 900 underground and 26 above ground. The total investment exceeds EUR 130 million.
Ghai Sant Ram’s portfolio in Romania is also at the same time expanding. Recently, through Ghai Family Holding, he acquired a 3 ha plot near Pipera Plaza in an investment of around EUR 14.3 mln. The deal includes a permit for the development of a large-scale real estate project.
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