Equest Balkan Properties (EBP), the commercial property investment firm focused on Southeast Europe, has announced that it has completed EUR 37.8 mln of development financing for its Vitantis Retail Park in Bucharest, Romania.
Equest Balkan Properties (EBP), the commercial property investment firm focused on Southeast Europe, has announced that it has completed EUR 37.8 mln of development financing for its Vitantis Retail Park in Bucharest, Romania.
Bank Austria Creditanstalt, a member of Unicredit, provided the financing at normal market conditions according to the company statement. The debt financing will be used to complete the development of the park and release equity for other EBP projects.
Vitantis Retail Park is the largest of its kind in southern Bucharest and was acquired in December 2006 for EUR 31.6 mln. The scheme will comprise a retail park and shopping mall with over 36,000 m2 of gross letting space, including three large format superstores and a Carrefour-anchored shopping gallery with 70 individual retailers. The scheme is currently over 50% pre-let and is due for completion in September 2008.
Commenting, Simon Blaxland of Equest Partners, EPB's investment adviser, said: 'We are pleased to have closed this financing with Bank Austria Creditanstalt at competitive market conditions. This underlies their support for our projects and the value they offer. We value their in-depth knowledge and strong presence in the Balkan region, both of which are invaluable in our pursuit of creating shareholder value through commercial real estate developments in Southeast Europe.'
