The bonds will have a maturity of minimum five years and will pay a fixed yearly coupon between 5.5% and 7%, Impact announced.
The company will use the money to further develop the Greenfield residential project in Northern Bucharest, near the Baneasa Zoo by building an urban center called Greenfield Plaza that will include a SPA center and a pool, a supermarket, a service area and an administrative center. Impact also wants to develop the infrastructure and the utilities in the area to be able to start the new phases of the Greenfield project.
Impact started developing the Greenfield project in 2006, before the financial crisis, on a 52-hectare land in Baneasa. The company has built almost 1,000 apartments in this project, of a total of 6,000 apartments planned.
Impact also plans to start the first phase of the Barbu Vacarescu project. Last year, the company bought 2.8 hectares of land close to the Kaufland hypermarket on Barbu Vacarescu boulevard in Bucharest, where it plans to build 1,000 apartments.
The developer raised EUR 18 million last year via a share capital increase to finance its projects.
Impact expects a significant increase in sales this year, to EUR 37 million, almost four times more than in 2013, and by 2019 it aims to reach a EUR 100 million turnover.
Romanian businessman Gheorghe Iaciu controls the company. He owns a 49% stake. Impact’s shares are trading on the Bucharest Stock Exchange. The developer is currently valued at some EUR 87 million. (source: Romania-insider.com)
