Iulius and Atterbury Europe obtain €400m for mixed-use project

Developers Iulius and Atterbury Europe have obtained a €400 mln green loan to build Rivus Cluj-Napoca, a major mixed-use development in Romania’s second-largest city Cluj-Napoca.

Rivus Cluj-Napoca project

This syndicated loan, the largest ever for a new Romanian real estate project, was provided by Erste Bank, BCR Romania, EBRD, and BRD Groupe Société Générale.

The financing adheres to high sustainability standards (LEED Platinum and EDGE Advanced) and will primarily fund the project's 132,500 m2 retail and entertainment space within the larger €500+ mln development.

Currently, in the permitting phase, Rivus Cluj-Napoca will transform a 14-hectare former industrial site. Designed by UNStudio, it aims to incorporate the Someș River and create a vibrant urban hub with retail, office, cultural, entertainment, and park spaces.

Two historic buildings will be renovated into a performing arts center, offices, and interactive family entertainment venues. The project also includes significant infrastructure upgrades for the surrounding area, such as new roads, bicycle paths, green spaces, pedestrian and vehicle bridges over the Somes Mic River, roundabouts, a smart traffic light system, and the revitalization of a public square.

Parking will be provided for cars and bicycles, including electric vehicle charging stations. A park and urban garden totalling 52,000 m2 will also be created. Upon completion, some of the new infrastructure will be donated to the city for public use.

The project emphasizes environmentally friendly design, incorporating near-zero energy buildings (nZEB), natural materials and lighting, energy efficiency, green transportation infrastructure, and landscaping that supports biodiversity and renewable energy generation.

Marius Perșenea, COO at Iulius, said: "For Iulius, this loan continues the series of financing premieres: 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 Iulius projects."

Marko Brekič, senior client executive from Erste Group Bank, commented: “Erste Bank and BCR are particularly focusing on sustainable and socially responsible projects. As such the Rivus project is expected to be the biggest urban green revitalization of the current brownfield areas of Cluj-Napoca, and will meet the highest sustainability criteria.”

Vlaho Kojakovic, director of Real Estate for the EBRD, added: "By transforming a long-neglected site into a vibrant public space, the initiative will both enhance the city’s landscape and advance the goals of the EBRD Real Estate Sector Strategy 2025-2029, where urban regeneration is a core pillar. It also marks the Real Estate team’s largest urban regeneration project signed so far this year, a milestone we are extremely proud of.”