News from Garanti Bank
EUR 50 million financing from Garanti Bank for Cosmopolis Project
September 17, 2008 - Garanti Bank granted Opus Land Development a medium term loan of EUR 50 million, amount that will be used for financing the first two stages of Cosmopolis project. The company has the elasticity to use this credit line as medium term cash loan, or letter of credit or letter of guaranties if they need.
The partnership between Garanti Bank and Cosmopolis begun at the launch of the project, in September 2007, when Garanti Bank offered Opus Land Development SA the first loan for financing the construction of the first phase of the residential project. At the same time, Garanti Bank has provided consumer loans to buyers since the beginning of the project. The trust of Garanti Bank in Cosmopolis- The First European City, is also illustrated by a dedicated interest rate of 5.94% offered to Cosmopolis clients.
"We continue the partnership we have with Garanti Bank also this year. Garanti Bank was beside us since we first started to work on this project, sharing their expertise in Romania. Buyukhanli Group has a longlasting relationship with Garanti Bank in Turkey and we wish this relationship to continue also in Romania" Ahmet Buyukhanli, President of Cosmopolis, stated.
"We are glad that we could extend also in Romania our cooperation with Opus Land Development in Turkey. The main criterion based on which we chose to finance Cosmopolis project was the modern concept of the project compared to other projects in the local real estate market, that of a city with an architectural design similar to European cities. We are trustful that Cosmopolis project answers the local demand for quality dwellings, at European standards, a demand that is more and more present on the mature real estate market in Romania. And the successful sales performance of the project confirms this" Berat Icinsel, General Manager of Garanti Bank, stated.
Cosmopolis is developed by Opus Land Development SA, part of the well-known Buyukhanli Group. Present on the Turkish market since 1953, the group has expertise in residential projects, commercial and tourism area in Turkey.