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Mivan extends delivery of Tiago malls from 3 up to 5 years

The Irish Mivan Development company, which is working on the New Town complex in the Dristor neighborhood in southern Bucharest, will extend the delivery period of the chain of 10 Tiago malls to five years from three years, as part of its strategy to counteract the crisis, Marius Barbu, the company's Retail Development Manager, said.

According to Barbu, Mivan has secured the financing of three Tiago malls, which will be finalized in the coming two years, to ensure that the company can continue its projects throughout the financial crisis, Business Standard daily reads on Friday.

Another element that lowers the company's risk is the use of a minimum level of loans. 'We focus on funds attracted from Moritz (which is Mivan's commercial center development partner) and our own funds, considering that banks are most affected in this period,' said John Houghton, Property Director of Mivan. The company works with UniCredit Tiriac Bank and Bancpost.

The investment required for the entire Tiago chain exceeds 700 million euros, which means some 70-90 million euros for each center. The largest Tiago mall is to be opened in the spring of 2009 in Oradea, following a 150 million euros investment.

 

Sursa: http://www.rompress.ro

Tags: tiago years malls mivan

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