German shopping centre group ECE said on Friday that it has secured long-term refinancing of its equity investment in Arkady Pankrac Prague. Berlin Hyp is providing a total of EUR 20 mln in dept capital to refinance a significant share of ECE's 25% stake in the centre.
German shopping centre group ECE said on Friday that it has secured long-term refinancing of its equity investment in Arkady Pankrac Prague. Berlin Hyp is providing a total of EUR 20 mln in dept capital to refinance a significant share of ECE's 25% stake in the centre.
ECE developed the centre and has been successfully operating it since its opening on 14 November 2008, which was celebrated at the time as ECE's 100th centre. Commenting on the deal, Alexander Otto, CEO of ECE, said: 'This refinancing shows that the banks have full confidence in our projects even during the financial crisis. After having successfully concluded the financing of new construction projects in Germany (Oldenburg, Dortmund), the refinancing of Arkády Pankrác is a special achievement as it affirms the positive signals from our Eastern European neighbouring countries.'
