RIVUS Cluj-Napoca, the most extensive mixed-use urban reconversion project in Romania to date, developed by companies IULIUS and Atterbury Europe, was granted the largest loan for a new real-estate development in Romania. The loan adds up to approximately 400 million Euro and it is in the form of syndicated financing granted four loan institutions: Erste Bank, BCR, BERD, and BRD. RIVUS restores 14 hectares of a former industrial platform back to the city, in the form of a mixed-use project with likely the widest functional diversity in Romania – retail, office, culture, entertainment, park. The project investment is estimated upwards of half-billion Euro, and it is currently in the building permitting phase.

“We are extremely proud of being able to raise this type of financing, and at the terms achieved. I believe it says a lot about the quality of the RIVUS development, the strength of the Atterbury Europe and IULIUS brand in Romania, as well as the relationships built with our lenders over time.” Martin Olivier, Chief Financial Officer Atterbury Europe

RIVUS Cluj-Napoca is a project tackling the urban reconversion of a brownfield area spanning more than 14 hectares into a regional attraction, customized to the expectations and needs of the community and the city, as revealed by the consultations and studies that were conducted. This is a sustainable project and the concept for it was designed by the prestigious international architecture firm UNStudio, with a focus on leveraging Someș River and making it accessible to the public, and integrating the entirety of the former industrial area with the city as a pole of urban development. The largest loan granted to an industrial real estate development in Romania, adding up to 400 million Euro, was secured for this project developed by companies IULIUS and Atterbury Europe. This is a green syndicated loan, secured by meeting the LEED Platinum and EDGE Advanced sustainability standards, which cover the entire development-operation-top-up cycle. The syndicate of banks providing the financing is comprised of Erste Bank (Lead Arranger), Banca Comercială Română (BCR), European Bank for Reconstruction and Development (EBRD), and BRD Groupe Societe Generale. The financing primarily focuses on the retail component of the project, including the cultural areas and green spaces, which means a total leasable area of 132,500 sqm.

“Erste Bank and BCR are particularly focusing on sustainable and socially responsible projects, and as such the subject RIVUS project which is expected to be the biggest urban green revitalization of the current brown field areas of Cluj-Napoca, and which is planned to meet the highest sustainability criteria is one of the prime targets. We are particularly happy that our long-term partner Iulius who proved to be the leading developer and urban re-developer in Romania choose Erste Bank to arrange this financing”, said Marko Brekič, Senior Client Executive from Erste Group Bank AG, Vienna.

“For IULIUS, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry. To us, all these milestones certify the attractiveness and quality of our projects. To us, all these milestones certify the attractiveness and quality of our projects. We are excited that every single time we are able to attract new partners in the financing process, with EBRD now joining the group of banks with which we are collaborating. The mix of local, regional, and global banks provide the financial stability we need in order to focus on what we do best: large scale green mixed-use project, with significant investment values (usually upwards of half-billion Euro), in central locations, and contributing to the economic development of their respective local and regional communities. The trust placed in us by our clients, tenants, and banks motivate us to bring ever more daring, more complex projects on the market, with even greater positive impacts on their respective communities,” said Marius Perșenea, Chief Operating Officer IULIUS.

RIVUS sustainability: garden built from scratch, efficient operation principles, alternative mobility, showcased heritage

The development proposes an extensive urban garden spanning more than 52,000 sqm, landscaped with more than 700 mature trees, including trees that were salvaged from the former industrial platform, as well as more than 100,000 decorative plants of various sizes. The main retail building will feature green facades and a green roof, also integrating a Japanese garden. RIVUS is also unique owing to the conservation of two industrial buildings carrying ambient value, and their reintegration as part of the new project for cultural, office, and service uses.

The project’s sustainability will be implemented down to the finest of details: development of nZEB buildings, design showcasing and securing a connection with Someș River, use of some natural materials, as much natural lighting as possible for indoor areas, energy efficiency, infrastructure supporting environmentally friendly transportation, alleys that enable the circulation of water, landscaping geared towards supporting the local biodiversity, production of renewable energy, etc.

Consistent infrastructure investments have been undertaken for this project based on an agreement with the Municipality. These will include the creation of a new road bridge across Someș River, two pedestrian bridges, traffic coordination solutions, upgrading some nearby streets, as well as fitting out bicycle infrastructure, in line with the authorities’ mobility strategy. The project will also include approx. 4,800 underground and aboveground parking spaces, 900 of which will be fitted with EV charging connectors, as well as 2,500 bicycle parking spaces.

ABOUT RIVUS – The largest lifestyle center in Romania

The attractiveness RIVUS has on the market also reflects in the retail lease-up ratio, currently upwards of 70% of the total leasable area.

The functional diversity of RIVUS includes:

• The largest retail area in Romania, spanning 142,000 sqm (integrating the shopping mall, as well as the complementary retail facilities) in a mixed-use concept that enhances the shopping experience with public and leisure services and facilities
• More than 400 stores, including regional and national premieres
• 30+ new concept-restaurants and coffee shops overlooking Someș River
• A new park and landscaped green spaces spanning more than 52,000 sqm
• Japanese rooftop garden
• Two industrial buildings reconverted to accommodate cultural venues, office spaces, and services
• Live arts center– feature integrated for the first time in a real estate project based in Romania
• First-to-region entertainment concepts for all ages
• The latest cinema technologies for the first time in Transylvania, as well as open air cinema
• Premium green office spaces – 15,000 sqm GLA

RIVUS Cluj-Napoca is developed on the 14 hectares of Carbochim, the former industrial platform, which utilized only 30% of the land. The manufacturing activity was preserved, as the factory has been relocated and upgraded, following an investment upwards of 7 million Euro by IULIUS Company.

The project is currently in the building permitting phase, after the Local Council approved the urban zoning plan (PUZ) last summer. Discover the largest urban reconversion project in Romania at www.rivus.ro and on its social media platforms at www.instagram.com/rivuscluj and www.facebook.com/rivuscluj.