Romanian electronics retailer Altex contracts EUR 26 mln EBRD loan for new warehouse
<p>Romanian electronics retailer Altex, owned by businessman Dan Ostahie, is set to contract a new loan of EUR 26 million from the European Bank for Reconstruction and Development to finance up to 70% of a new 55,000-square-meter warehouse in Bucharest.</p>
<p>The loan is granted for eight years, with a grace period of 1.5 years. In 2020, Altex borrowed EUR 12 million from the EBRD for the expansion of the logistics center in Dragomirești Vale, near Bucharest, a project launched in 2018, according to <a href="https://www.profit.ro/povesti-cu-profit/retail/altex-se-imprumuta-din-nou-de-la-berd-acum-pentru-un-nou-depozit-langa-bucuresti-21695154?utm_source=Rss&amp;utm_medium=Referral&amp;utm_campaign=Cross">Profit.ro</a>.</p>
<p>That year, Altex purchased approximately 15 hectares of land in Dragomirești Vale to develop, in two stages, a logistics center with a total area of about 90,000 square meters, an investment estimated at over EUR 37 million. The first stage of the project was 80% financed by EximBank. </p>
<p>Altex is one of the largest local retailers, with over 135 stores open nationwide. The retailer registered a turnover of RON 7.01 billion in 2023, an increase of 7.4% compared to the previous year. Additionally, the net profit rose by 27.3%, to RON 145.85 million.</p>
<p>Earlier this summer, Dan Ostahie <a href="https://www.romania-insider.com/ostahie-porsche-bank-acquisition-jun-2024">acquired</a> Porsche Bank Romania and transformed it into Credex Bank.</p>
<p><em><a href="mailto:radu@romania-insider.com">radu@romania-insider.com</a></em></p>
<p><em>(Photo source: <a href="https://www.dreamstime.com/">Cristi Croitoru | Dreamstime.com</a>)</em></p>