€30 Million loan agreement with Raiffeisen Bank

The bank financing marks another important milestone in KÉSZ Group’s residential development in Bucharest, where more than half of the 221 apartments have already been sold.

Raiffeisen Bank Romania is providing a €30 million loan for KÉSZ Group’s Corallis Apartments residential development in Bucharest. The bank financing complements the funds already committed by the Group and customer advance payments, which together have played a key role in the project’s progress to date. The loan agreement represents a further step in strengthening the development’s financial foundations.

The development has also made significant progress in sales: more than half of the 221 apartments have already been sold. Meanwhile, construction work continues to move forward.

“Delivering a development of this scale requires closely coordinated financial, development and construction activities. The financing provided by Raiffeisen Bank Romania is an important addition to our own funds invested in the project. It supports the delivery of a residential complex where quality construction, green spaces and a comfortable living environment all play a central role,” said Zsolt Tatár, Project Director at KÉSZ Group.

The project is being delivered entirely as KÉSZ Group’s own development, through collaboration between its member companies. KÉSZ Ingatlan is the developer, while the general contractor is KÉSZ Romania, a leading construction company in the region, which celebrates its 25th anniversary this year.

The residential complex will offer a total of 221 homes across five buildings. Residents will benefit from more than 6,000 square metres of landscaped green space, a lakeside promenade, and sports and leisure facilities. The development is targeting BREEAM Excellent sustainability certification.

The project demonstrates how KÉSZ Group brings together its property development and construction expertise to deliver an investment in Romania.