The European Bank for Reconstruction and Development (EBRD) is considering providing a loan of up to EUR 41 mln for the construction of a shopping centre in the city of Osijek, Eastern Croatia. In a statement on its website, the bank said it is in negotiations with the Croatian property developer GTC nekretnine istok, to finance the project. The Croatian builder is majority-owned by Polish group Globe Trade Centre.
The European Bank for Reconstruction and Development (EBRD) is considering providing a loan of up to EUR 41 mln for the construction of a shopping centre in the city of Osijek, Eastern Croatia. In a statement on its website, the bank said it is in negotiations with the Croatian property developer GTC nekretnine istok, to finance the project. The Croatian builder is majority-owned by Polish group Globe Trade Centre.
The financing consists of a loan facility of EUR 34.4 mln to GTC nekretnine istok and an equity investment in the company of up to EUR 5.7 mln. GTC will acquire, develop and manage the shopping centre in Osijek, which will support the expansion of the Polish group to Croatian regional cities.
Globe Trade Centre Poland has been active as a developer in the CEE real estate markets since 1994. It operates in nine countries, including Poland, Czech Republic, Hungary, Romania, Serbia and Montenegro. GTC, which is listed on the Warsaw stock exchange, has over 1.5 million m2 of office, retail and residential space under different stages of development.
