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.
Another element that lowers the company’s risk is the use of a minimum level of loans. “We focus on funds attracted from Moritz [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, which means some €70-90 mln for each center. The largest Tiago mall is to be opened in the spring of 2009 in Oradea, following a €150 mln investment.
