The EBRD announced a senior secured loan of up to €190.3 million—of which €180.3 million is committed and €10 million uncommitted—for Rivus Investments SRL, the Romanian company leading the redevelopment. The committed portion includes up to €122.8 million directly from the EBRD and up to €57.5 million syndicated to commercial lenders.
This financing is part of a larger €400.6 million package from a banking consortium. Final approval of the loan is still pending.
The Rivus project is currently in the permitting phase. According to developers Iulius and Atterbury Europe, the deconstruction of former industrial halls is nearing completion, a process carried out independently of the approval timeline. Some historic structures from the site are being incorporated into the final design.
The Urban Zoning Plan (PUZ) for the Carbochim site and the broader restructuring of the Piața 1 Mai area was approved by Cluj-Napoca’s Local Council in August 2024, though it sparked local debate regarding the proposed construction density.
Back in 2023, Iulius Group relocated the Carbochim abrasives factory following a €5 million modernization investment.
Key features of the Rivus development:
- 145,000 sqm of retail space (including a 120,000 sqm shopping mall and complementary retail)
- 400 stores, including national and regional firsts
- 30 concept restaurants and cafés overlooking the Someș River
- Fresh Market platform for local producers
- Over 52,000 sqm of landscaped green spaces, including a rooftop Japanese garden
- Two historic industrial buildings repurposed as cultural and office spaces
- A live arts center and performance hall – RIVUS Live Arts
- Innovative entertainment concepts introduced for the first time in the region
- State-of-the-art cinema technology, debuting in Transylvania, including open-air cinema
- 15,000 sqm of premium, sustainable office space
- Investment in alternative mobility and urban connectivity
The centerpiece of the cultural offering will be the RIVUS Live Arts center, housed in the former arched hall of Carbochim and developed in partnership with Cluj’s cultural community. Alongside it, the old administrative brick building will become RIVUS Hub, offering office space and services.
The development will also feature a vibrant Fresh Market, a curated selection of local culinary concepts, and open-air terraces integrated into a newly created urban garden.
