Garanti Bank finances developer Wallberg with EUR 5.8 mln for XCity Tower Timisoara

Newsroom 28/11/2018 | 13:37

Real estate developer Wallberg has received EUR 5.8 million from Garanti Bank to finance the development of the XCity Towers project in Timisoara, the construction of which begun at the end of this summer.

XCity Towers it will be built in stages, with a total of 955 apartments in 8 buildings with a height of P + 15 and P + 10 respectively. The total value of the project will exceed EUR 62 million, of which the first stage will amount to EUR 36 million.

XCity Towers will be developed in the northern area of Timisoara (Bucovina District), near the Vox Technology Park office building, with easy access to the central area of Timisoara. The first building, Tower 1, has already been put up for sale, with the first apartments having been contracted.

The building will consist of 135 apartments, 114 outdoor parking lots and 50 covered parking lots, and an area of 542 square meters for commercial and office units. The project was designed for an ideal mix of apartments – 30 studio apartments, 75 two-room apartments, 30 3-room apartments and 4 commercial spaces. Construction works began at the end of summer and delivery is scheduled for the summer of 2020.

”We are pleased to announce the extension of the partnership we have had with Garanti Bank since 2015. For us, it is essential to know that we can rely on a financial partner who understands and supports entrepreneurship that understands and responds to our needs in a timely manner, taking into account the dynamics of our business,” said Valentin Morar, CEO of Wallberg.