Globalworth signs €85m loan deal with IFC – The Diplomat Bucharest
Globalworth announces an 85 million euro loan agreement with the International Finance Corporation (“IFC”), a member of the World Bank Group. The loan is for a 6-year term between Globalworth Holdings Cyprus Limited (a subsidiary of the company) and IFC as lender, with the company acting as guarantor to the parent company.
Globalworth’s board says the loan will further strengthen the company’s liquidity position and provide the group with flexible capital on attractive terms. In accordance with its terms, the loan or an equivalent amount will be allocated to eligible commercial real estate projects in Romania in accordance with the company’s green lending framework.
“We are delighted, through this loan, to extend our collaboration with the IFC. This is our first green loan since launching our first green bond in 2020 and we believe it strongly demonstrates the sustainability of Globalworth’s business and the markets in which Globalworth operates,” said Mihai Zaharia, Head of Investments in Romania and Head of Group Capital Markets. , Globalworth.
IFC’s long-term financing will help the company – the largest office investor in Romania by market value and gross leasable area – strengthen its liquidity position and meet its environmental targets – 100% of its portfolio of commercial offices must be green. The company has a portfolio of investment properties of modern and energy-efficient commercial real estate assets spread across Romania and Poland. Approximately 90% of the company’s portfolio is made up of environmentally friendly properties. In the face of uncertain market conditions exacerbated by the global pandemic and the recent war in Ukraine, IFC’s investment will further enable Globalworth to maintain operations, complete capital projects and launch new green projects in Romania. .
“IFC’s strategy in Romania is focused on promoting green, resilient and inclusive development. We are delighted to strengthen our partnership with Globalworth, a leading developer of green buildings and a sign of confidence in the office sector in Romania as it emerges from the COVID-19 crisis,” added Ary Naïm, IFC Regional Director for the Central and South Eastern Europe.