IFC, member of the World Bank Group, provides Palas Campus Iasi funding of approximately 72 million euros for the construction and operation of an energy-efficient office building, which will be used by companies in the IT&C field, IFC announced in a press release sent to AGERPRES on Tuesday.
This is the first green loan granted by IFC to a Romanian company based in Romania. Iulius Holding is a local developer of real estate projects with multiple purposes, holding a diverse portfolio of properties throughout Romania.
The building will be one of the largest office compounds in the country and is part of IFC's extensive effort to contribute to the construction of an environmentally friendly business infrastructure, which will attract foreign investment and facilitate the diversification of the Romanian economy.
IFC will grant the new compound the Excellence in Design for Greater Efficiencies (EDGE) green building certification. EDGE buildings use at least 20% less energy and less water than ordinary buildings, thus mitigating climate change.
"It is an honor for Iulius to be able to benefit from the support of strong partners. Obtaining a syndicated loan for green projects from IFC for the Palas Campus project, the first such loan in Romania, is a confirmation of the principles of sustainable development and operational policies that underpin this project. These efforts will open new horizons for the business community, in terms of international investment," said Iulian Dascalu, president of Iulius Holding.
The new compound will help Romania attract and retain foreign investors and their businesses, offering them modern and environmentally friendly office space.
"We are very pleased with the partnership with Iulius Holding, that we will assist in building an eco-friendly, energy-efficient and EDGE-certified office compound in Iasi. This operation comes to support Romania's strategic objectives to attract investments in jobs capable of harnessing digital skills, to encourage regional development and function within the the framework of the green transition," said Wiebke Schloemer, IFC Director for Europe and Central Asia.
Iulius is the only operator and developer of mixed urban regeneration projects in Romania, with an experience in the real estate field of over 30 years. Iulius operates a retail portfolio of over 300,000 square meters, two mixed urban revitalization projects (Palas Iasi and Iulius Town Timisoara) and 3 regional malls (Iulius Mall Iasi, Iulius Mall Cluj-Napoca and Iulius Mall Suceava), which attract over 68 millions of visitors every year.