IULIUS and Atterbury Europe secure 400 million Euro loan for the RIVUS Cluj-Napoca mixed-use urban reconversion project

RIVUS Cluj-Napoca, the mixed-use urban reconversion project developed by companies IULIUS and Atterbury Europe, was granted the largest loan for a new real-estate development in Romania. The loan adds up to approximately 400 million Euro and it is in the form of syndicated financing granted by four loan institutions: Erste Bank, BCR, BERD, and BRD.

RIVUS restores 14 hectares of a former industrial platform back to the city, in the form of a mixed-use project– retail, office, culture, entertainment, park. The project investment is estimated at upwards of half-billion Euro, and it is currently in the building permitting phase.

“Erste Bank and BCR are particularly focusing on sustainable and socially responsible projects, and as such the subject RIVUS project which is expected to be the biggest urban green revitalization of the current brown field areas of Cluj-Napoca, and which is planned to meet the highest sustainability criteria is one of the prime targets. We are particularly happy that our long-term partner Iulius who proved to be the leading developer and urban re-developer in Romania choose Erste Bank to arrange this financing”, said Marko Brekič, Senior Client Executive from Erste Group Bank AG, Vienna.

“For IULIUS, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry. To us, all these milestones certify the attractiveness and quality of IULIUS projects. We are excited that every single time we are able to attract new partners in the financing process, with EBRD now joining the group of banks with which we are collaborating. The mix of local, regional, and global banks provide the financial stability we need in order to focus on what we do best: large scale green mixed-use project, with significant investment values (usually upwards of half-billion Euro), in central locations, and contributing to the economic development of their respective local and regional communities. The trust placed in us by our clients, tenants, and banks motivate us to bring ever more daring, more complex projects on the market, with even greater positive impacts on their respective communities,” said Marius Perșenea, Chief Operating Officer IULIUS.

The development proposes an extensive urban garden spanning more than 52,000 sqm, landscaped with more than 700 mature trees, including trees that were salvaged from the former industrial platform, as well as more than 100,000 decorative plants of various sizes.

The main retail building will feature green facades and a green roof, also integrating a Japanese garden. RIVUS is also unique owing to the conservation of two industrial buildings carrying ambient value, and their reintegration as part of the new project for cultural, office, and service uses.

Consistent infrastructure investments have been undertaken for this project based on an agreement with the Municipality. These will include the creation of a new road bridge across Someș River, two pedestrian bridges, traffic coordination solutions, upgrading some nearby streets, as well as fitting out bicycle infrastructure, in line with the authorities ’mobility strategy. The project will also include approx. 4,800 underground and above-ground parking spaces, 900 of which will be fitted with EV charging connectors, as well as 2,500 bicycle parking spaces.