Real estate developer Redport announces the securing of a financing line worth EUR 9 million in partnership with Intesa Sanpaolo Bank Romania, dedicated to the development of the Vitality Est residential project in Bucharest.

The financing structure includes a dedicated facility of approximately RON 5 million for VAT financing, thus ensuring a complete and predictable financial framework for the continuation of the next development phases of the project located on the shores of Lake Pantelimon, in the eastern area of Bucharest.

Developed in partnership with Dan Șucu, the project is built on a 27,000 sqm plot and includes the development of 500 apartments and 400 sqm of commercial spaces. In the first phase, 145 residential units will be delivered, including studios, two-room and three-room apartments, as well as apartments with private gardens. The development will also include an integrated Lidl store, while nearby amenities include Esplanada Mall and IKEA Pallady, as well as schools and medical facilities.

“Access to financing in a selective economic climate is a real quality test for any developer. The partnership with Intesa Sanpaolo Bank Romania confirms that Vitality Est is a well-positioned project, with solid financial parameters and genuine market demand,” said Cosmin Savu Cristescu, CEO of Redport.

“We continue to support responsible developers with well-founded projects that respond to market demand. We are pleased to build this partnership with Redport and to support, through financing, residential projects with long-term impact,” said Răzvan Filcescu, Deputy CEO & Chief Business Officer, Intesa Sanpaolo Bank Romania.