ECE signs EUR 111m financing for Galeria Kaskada

ECE Projektmanagement announced on Monday that it has signed a EUR 111 mln loan contract with the real estate finance division of Landesbank Berlin and Berlin Hyp, for the construction of Galeria Kaskada in Szczecin, Poland. Full-scale construction of the mall will begin now that the financing with the two major German real estate financiers is in place. The retail scheme will involve a total investment of EUR 190 mln and the opening is planned for autumn 2011.

Alexander Otto, CEO of ECE: 'Our partnership with Landesbank Berlin and BerlinHyp proves that the best quality real estate projects brave the crisis and set the direction for the real estate market. The construction of Galeria Kaskada will be an impulse for the further international expansion of ECE in the CEE region, and in Poland in particular.'

Jan Bettink, chairman of the board of management of Berlin Hyp, added: 'This deal once again underlines the strong position and good reputation of the joint business division of Landesbank Berlin AG and Berlin Hyp. We are proud to have closed this significant deal despite the current financial climate. ECE as well as we - as the financial partners - professionally teamed up and committed to completing the transaction within the set timeframe scheduled by the borrower.'

Galeria Kaskada will be the premium shopping destination in Szczecin and Western Pomerania, according to ECE. The catchment area exceeds 720,000 people and stretches out far beyond the German-Polish border. Galeria Kaskada will house 140 stores offering a top mix of fashion brands, cosmetics, accessories, multimedia, food and services. The high-quality architecture is expected to restore the urban character of the premises and bring back glamour to the centre of Szczecin.