PRESS RELEASE
8 February 2023

Kinstellar Advises BRD-Groupe Société Générale On A EUR 24.3 Million Green Financing In Western Romania

K
Kinstellar

Contributor

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. With offices in 11 jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.
Kinstellar is delighted to announce that it has successfully advised BRD-Groupe Société Générale SA on a EUR 24.3 million financing for the development of two green residential buildings by ...
Romania
To print this article, all you need is to be registered or login on Mondaq.com.

February 2023 – Kinstellar is delighted to announce that it has successfully advised BRD-Groupe Société Générale SA on a EUR 24.3 million financing for the development of two green residential buildings by the Belgian property developer Speedwell in western Romania (Timișoara).

The financing has been structured by BRD in accordance with the LMA Green Loans Principles and the provisions of the Substantial Contribution Criteria of the EU Taxonomy for mitigating climate-change risks applicable to this type of development.

BRD is confident that these two "green" buildings located in a premium location in Timișoara will set new quality standards for addressing climate-change challenges, proving once again that the ESG standard is a preferred investment option.

"The residential market is currently one of the most attractive in terms of green financing in Romania, and BRD is fully prepared for the role of a green financing bank. We are happy to contribute to the success of this new project to be developed by Speedwell, one of our traditional clients, and we reaffirm our preparednessto finance the green transition of Romanian companies", said Maria Rousseva, BRD Deputy CEO in charge of corporate banking activities.

Speedwell, a well-known property developer in Romania, intends to restore an unused part of the city and give it back to the community, with further plans to grow its green building portfolio. The PALTIM residential buildings, located on the banks of the Bega River, will offer a variety of apartments, from studios to two-, three- and four-room units.

Kinstellar advised on this "green" financing transaction by providing comprehensive legal advice in connection with the due diligence exercise and throughout all the stages of preparation, negotiation, signing and financial closing related to the finance documentation.

The mandate was coordinated by Magdalena Răducanu (Special Counsel and Head of Banking).

Kinstellar's financing team was led by Magdalena Răducanu and included Răzvan Constantinescu (Senior Associate) and Adelina Seserman (Associate).

The due diligence effort was led by Adelina Seserman and Ecaterina Tănase (Associate) together with Victor Constantinescu (Managing Partner of the Bucharest office and co-head of the firm-wide Real Estate sector).

Magdalena Răducanu comments: "It was an honour for me to work again with BRD, a client with whom I have a long-term relationship. Thanks to the team that worked on this complex mandate and congratulations to all parties involved. I am proud to have assisted on such an important green real estate financing deal in Romania, at a time when the focus on the environment is definitely increasing. There is room for increasing this type of financing on our local market, which is why we hope to see more similar mandates."

PRESS RELEASE
8 February 2023

Kinstellar Advises BRD-Groupe Société Générale On A EUR 24.3 Million Green Financing In Western Romania

Romania

Contributor

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. With offices in 11 jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.
See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More