IFC is investing up to €150 million in a Bulgaria-based commercial property investment company to support its expansion into green warehousing in Bulgaria and Romania—boosting access to prime logistics infrastructure in both countries and supporting Europe's green transition. IFC's financing package to Lion's Head Investments comprises a senior loan of €45 million, €65 million from IFC as the implementing entity for the Managed Co-lending Portfolio Program and a convertible loan of €40 million. The proceeds will help the company build new infrastructure in the green logistics and light industrial market in Bulgaria and Romania, increase its energy efficiency, and improve its current office assets in Romania. All IFC loans are sustainability-linked, tied to the company receiving the EDGE (Excellence in Design for Greater Efficiencies) advanced certification for its logistics assets. The IFC-led global green building certification system focuses on making buildings more resource-efficient. Lion's Head Investments is a joint venture between Old Mutual Property, part of Old Mutual Limited, a South African financial conglomerate, and AG Capital, a leading regional real estate group. "I am genuinely pleased that IFC has become our new global partner in Lion's Head. This is a testament to the outstanding credentials of our business and I am looking forward to further expanding our platform in the region," said Christo Iliev, AG Capital's Founder. "Strengthening logistics infrastructure and connectivity within regional and global value chains remain important objectives for Bulgaria and Romania," said Ary Naïm, IFC Manager for Central and South Europe. "It is also key for new infrastructure in the region to be built to the highest energy-efficiency standards, so we are pleased to be supporting LHI in pursuit of this dual goal." About Lion's Head Lion's Head Investments is a JV between Old Mutual Property, part of Old Mutual Limited, a major South African financial conglomerate, and AG Capital (AGC), a leading regional real estate group. Old Mutual Limited is a publicly listed company on the Johannesburg Stock Exchange with the South African Public Investment Corporation holding 17% and BlackRock holding 6%. Established in 1845, it is one of the oldest brands in South Africa, has presence in 14 countries and market capitalization of €3b. AGC is controlled by Christo Iliev, and is a real estate focused group of companies with presence in Romania, Bulgaria and Poland. AGC has commercial and residential real estate platforms and partners with international institutional investors in the CEE region. About IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
