Estudiantes stadium works on after $5mn loan

Article posted by Coliseum, June 18^th, 2018

Image: estudiantesdelaplata.com

Argentine football club Estudiantes de La Plata has signed in Stadium Marin Construcciones SA and Construcciones Saddemi SA for carrying out the primary venue construction work of the main ground at the Jorge Luis Hirschi Stadium.

Estudiantes made the announcement on its official website just days after it secured a loan of $5 million from Banco Itaú and confirmed its ability to launch the construction, which was halted for the last two months. Estudiantes stated that the companies have assured to finish the work in 75 days after the commencement at a cost of 2689820.20 Argentine pesos ($96,000 approx).

The companies “will take care of removal, loading and transfer of materials existing in the area and their respective collection. Also, it will do the topography of the land that consists of describing and representing in a plane the surface or the terrain relief. And finally, will perform the movement of soil and the conformation of the base of the land,” the football club said on its official website.

Earlier, Estudiantes secured a $5-million loan from Banco Itaú after the club agreed to invest the remaining $3.5 million, required to deliver the stadium, from its own resources to meet the bank’s condition. The bank is expected to take around 45 days to release the loan amount, which has a repayment time of five years with installments every six months. Estudiantes, meanwhile, continues to seek additional financing to recover its direct investment.

The construction work on the stadium has been mired with delays and is certain to miss its completion target of this year.

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