Hungarian developer Futureal Development Holding announced on Wednesday that it has raised €150 mln through the issue of a 10-year green bond.
The issue was heavily oversubscribed by financial institutions, the company said in a statement.
Futureal, including its Cordia residential business, has over 2 million gross m2 of new developments in the pipeline across Europe.
‘Despite the market challenges caused by the pandemic, Futureal Group and Cordia Group will be able to actively participate in the relaunch of the economy in Europe, as we are currently working on over 2 million square metres of developments on the continent,’ said Gábor Futó, founder and co-owner of Futureal and Cordia.
Following the transaction, Futureal also announced the appointment of Karol Pilniewicz, the former regional head of Cromwell Group to lead Futureal’s investment activities in CEE. Pilniewicz and his team will focus on repositioning opportunities and platform deals in major cities across the region.
The new investment business line will be tasked with deploying a significant portion of the proceeds of the bond issuance.
‘The fresh funds give us even more opportunities for a dynamic international expansion. Futureal has already made significant achievements in countries such as Poland and the UK, which provides a solid base to further strengthen our market presence in Europe. The company will also boost its position by inviting co-investors to join forces on new acquisitions,’ said CIO Pilniewicz.
