Galeria Mokotów was the first large, modern shopping centre in Warsaw when it opened in 2000. Nine years later, the centre is still one of the three dominant malls in the Polish capital and the country as a whole. It achieved another record in August this year when it was at the centre of one of the largest refinancing deals this year in Central and Eastern Europe.
Galeria Mokotów was the first large, modern shopping centre in Warsaw when it opened in 2000. Nine years later, the centre is still one of the three dominant malls in the Polish capital and the country as a whole. It achieved another record in August this year when it was at the centre of one of the largest refinancing deals this year in Central and Eastern Europe.
In August, CEE real estate developer Globe Trade Center (GTC) and pan-European group Unibail-Rodamco - Galeria Mokotów’s joint owners - finalised a EUR 205 mln loan agreement with a consortium of German banks.
'GTC has capitalised on its long-established relations with the leading European banks, which, combined with the excellent financial standing of both GTC and Unibail-Rodamco and the prime quality of the asset, allowed us to secure such a large amount of financing despite difficult credit market conditions,’ said GTC’s chief financial officer Erez Boniel in an interview with PropertyEU.
In the current climate banks are looking to work with companies they know and which have a good track record, noted Boniel, adding that both GTC and Unibail-Rodamco meet these criteria. ‘The asset also has to show strong performance. Unproven assets may face difficulties in raising finance.’
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