Real estate developer Element Development, controlled by Ionut Dumitrescu, got a EUR 4.5 million loan from Garanti Bank for the construction of Bistrita Retail Park. The total investment in the project amounts to EUR 9 million.
The retail park will have a commercial gallery spanning 7,800 square meters.
The construction contractor for the project is Campedor. Real estate consultancy Crosspoint assisted the developer on securing the financing. Vitalis was named project manager.
According to Crosspoint, the average purchasing power in Transilvania is 30 percent compared to other regions such as Moldova or southern Romania.