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Bucharest, CEE

Atenor Group attracts €30m financing for Hermes Business Campus

JLL acted on behalf of Atenor Group

JLL's Corporate Finance Team has advised Belgian developer Atenor Group on the €30,000,000 financing for their Hermes Business Campus office project in Bucharest, Romania. The Hermes Business Campus is an existing modern A Class office building combined with an office development on the same site with an area of up to 75,000 m². The developer was seeking to obtain a development loan for the second phase of the project to introduce an investment facility for the existing building.

Piotr Piasecki, JLL's Head of Corporate Finance CEE, comments: "We are very glad that we have closed our first debt advisory transaction in Romania, introduced by our colleagues from our Capital Markets team. The project is an excellent example of the successful cooperation between country teams at JLL. The purpose of the debt advisory service in CEE is to streamline the timeline for financings and to connect the investors with the lenders. JLL manage the debt arrangement and due diligence process on behalf of developers and investors, ensuring the best possible terms for our clients in terms of both flexibility and pricing."

The Hermes Business Campus is located in Dimitrie Pompeiu, adjacent to Bucharest's new Central Business District ("CBD") and represents an office complex of three buildings, to be built in phases. The first phase of the Project was completed in Q1 2014 and has been 100% leased. The major tenants include: Idea Bank (RIB), Lavalin, Luxoft, DB Schenker, e-Value, Xerox and the Embassy of the Kingdom of Netherlands. The second phase of the project will be delivered in Q1 2016 and has already secured lease agreements.

Florentina Mitricoaia, Capital Markets Consultant at JLL, who successfully carried out the Project within the Romanian team, comments: "The Hermes Business Campus is a premium Project with innovative design elements for the Romanian market. The project meets all the requirements in terms of location, specifications, developers' reputation and risk. The financing is meant to partially close the shareholder loans and partially cover the second phase of the development. We are delighted that we were able to help establish this partnership between Atenor Group and the financing institution, a partnership which demonstrates their interest and faith in the Romanian real estate market. The office and retail sectors enjoy more interest from banks and private funds for refinancing and development facilities and we are confident that our Debt Advisory team will advise on more deals in Romania's real estate market in the near future."​