IFC To Help Romania Build Sprawling Green Business Complex
IFC, a member of the World Bank Group, is supporting the construction of an eco-friendly 60,000-square-metre information technology complex in Iasi, a city in northeastern Romania. The building will be one of the country’s largest office complexes and is part of an IFC effort to help build green business infrastructure, attract foreign investment, and facilitate the diversification of Romania’s economy.
IFC is providing Palas Campus, a wholly-owned subsidiary of Iulius Holding, with approximately €72 million in financing to construct and operate the energy-efficient office building, which will be used by information technology and communication tenants. This is IFC`s first green loan to a Romanian-owned and -based company. Iulius Holding is a local developer of mixed-use real estate with a diverse portfolio of properties across Romania.
The new complex will obtain IFC`s Excellence in Design for Greater Efficiencies (EDGE) certification for buildings. EDGE buildings use at least 20 percent less energy and water than standard buildings, helping to mitigate climate change.
“Iulius is delighted to have the support of strong partners,” said Iulian Dascălu, president of Iulius Holding. “Obtaining a syndicated green loan from IFC for Palas Campus, the first loan of this kind in Romania, is a testament to the sustainable development and operational policy underlying this project. This endeavor will also open new horizons for the business community in terms of international investments.”
The new complex will help Romania attract and retain foreign investors and businesses by providing them with modern green office space. The investment will also increase economic activity and employment opportunities in what is a more remote part of Romania.
“We are very pleased to partner with Iulius Holding to help deliver an EDGE-certified, energy-efficient, and connected business campus in Iasi,” said Wiebke Schloemer, IFC Director for Europe and Central Asia. “This operation supports Romania’s strategic objectives to attract investment in digital skills and jobs, foster regional development, and operate a green transition.”
To date, IFC has invested $5.4 billion globally in green buildings, and the EDGE program has delivered more than 220,000 tons of carbon dioxide savings from commercial and residential buildings. Developed by IFC, the EDGE certification system helps real estate developers build green, quickly, easily, and at reasonable costs. The program is generously supported by Austria, Canada, Denmark, Energy Sector Management Assistance Program (ESMAP), the European Union, Finland, Global Environment Facility (GEF), Hungary, Japan, Switzerland, and the United Kingdom. For more information, www.edgebuildings.com.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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About Iulius
Iulius is the only developer and operator of mixed-use urban regeneration projects in Romania, with more than 30 years of real estate experience. Iulius operates a retail portfolio covering upwards of 300,000 square meters in area, two mixed-use urban revitalization projects (Palas Iași and Iulius Town Timișoara), and three regional shopping malls (Iulius Mall Iași, Iulius Mall Cluj-Napoca and Iulius Mall Suceava) that draw more than 68 million visitors every year. In the office segment, Iulius operates 13 green buildings with a total area of upwards of 152,000 square meters in the United Business Center national network, which accommodates more than 80 company head offices and 15,000-plus employees. For more information, visit www.iuliuscompany.ro.
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