Poland's Global Trade Centers (GTC) Group has secured a loan of €200 mln for its Galeria Pólnocna scheme from Warsaw-headquartered Bank Pekao.
Under the original agreement, Bank Pekao granted a construction loan facility of up to €116 mln. The new facility has been granted to the maximum amount of €200 mln.
Galeria Pólnocna was completed on budget in the first half of 2017 and attracted nearly two million visitors in the first two months after opening. The refinancing of the mall will provide GTC with substantial cash to accelerate further growth with no need to raise new equity.
'Following the successful completion of Galeria Pólnocna, this new debt facility further strengthens our funding sources and reduces our cost of funds, as we continue to drive growth in Poland and CEE & SEE capital cities, whilst reinforcing higher FFO and improved FFO yields,' said Erez Boniel, GTC’s CFO.
Galeria Pólnocna is the first major modern shopping and entertainment centre located in Warsaw’s Bialoleka district. The investment was completed within 25 months after obtaining the construction permit.
