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SPEEDWELL, financing agreement with Garanti BBVA for Building 2 of THE IVY

SPEEDWELL has signed a financing agreement with Garanti BBVA for Building 2 of THE IVY project in Northern Bucharest.

Speedwell, one of the most dynamic real estate developers in Romania, has signed a top up financing agreement with Garanti BBVA with the purpose to finance the second building of THE IVY project. The total loan amount thus reached 15-million-euro. The two involved parties have a strong partnership since the beginning of the project.

Located on Jandarmeriei Street, in the north of Bucharest, close to Baneasa forest, THE IVY is a residential project featuring a total of 800 apartments comprised in 10 buildings with a P + 6 height regime, spread out over 5 hectares of land.

The residential ensemble offers a wide variety of units and layouts, from studios to 2, 3, 4-room apartments and penthouses. Since Speedwell designs all its projects according to the Transit Oriented Development concept, THE IVY’s residents will have access to facilities located within walking distance. The facilities mix includes a restaurant, kindergarten, fitness centre with pool, and proximity shop.

Within reach of THE IVY, Speedwell has recently finalized an office project, MIRO. The two developments combine as a mixed-use ensemble meant to create a work-life balance. Even more, residents at THE IVY will benefit from proximity to the retail amenities of Baneasa Shopping City, Mega Image, Decathlon, Ikea, Dedeman, etc.

The ensemble will be built in four phases. Currently, works are ongoing for Building 1 and 2, part of Phase 1 of the project.

THE IVY was designed to obtain a BREEAM Excellent certification by supporting health and wellbeing through sustainable buildings and protecting natural resources. Speedwell is a promoter of sustainability values which are a major component all their projects. The same values are shared by their partner bank Garanti BBVA – an organization committed to invest and promote sustainable finance.

The new loan agreement was fully supported by Speedwell internal finance and legal team, represented by Speedwell’s CFO Natalia Sarpi and Simona Alecu – Business Lawyer.

“We have always appreciated the support received from our partners and are thankful for strong collaborations. This is also the case of our partnership with Garanti BBVA and are pleased to announce having signed an amendment of the financing agreement to increase the loan amount to 15-milion-euro loan for the two buildings part of THE IVY Phase 1. Good partners make the difference in real estate development and not only, even more when they share the same values. We wish to thank Garanti BBVA for showing us their support and are hopeful to strengthen our collaboration even more in the future.” stated Didier Balcaen, CEO and CO-Founder Speedwell.

“By extending this partnership, we are confirming our strategy to support green projects, such as THE IVY, a BREEAM Excellent certificated project. The future belongs to green funding, and we team up with partners who share these values. We are constantly developing our value proposition by factoring in the benefits offered by green projects. We trust that such partnerships, built on a sustainable basis, will become a model for the market”, stated Çağri Memişoğlu, Deputy General Manager at Garanti BBVA Romania.

Speedwell has a large portfolio of developments in Romania that includes Record Park in Cluj-Napoca, Triama Residence, The Ivy, MIRO and SpacePlus in Bucharest, Paltim in Timisoara, and Riverside City

Garanti BBVA Romania is a universal bank present in Romania since 1998. Garanti BBVA is part of Garanti BBVA Group Romania, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance, which complete the bank’s offer with specific leasing products, fleet management services, as well as consumer loans. Garanti BBVA Romania is owned by Garanti BBVA Turkey (TGB), the second largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

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