Globe Trade Centre (GTC) has reached a preliminary agreement with three banks on a €64 mln financing of the Ada Mall development project in the Serbian capital, Belgrade.
GTC has signed a binding term sheet with Banca Intesa Beograd; Slovakian bank VUB and Croatian lender PBZ. All three are part of the Italian banking group Intesa Sanpaolo.
Ada Mall is the first Serbian retail project for GTC, a real estate developer-investor listed in Warsaw and Johannesburg.
GTC received the final building permit in mid-February 2017 and started construction on 6 March 2017. The shopping centre will offer 34,400 m2 of retail space on completion in the fourth quarter of 2018. The shopping centre is located in Cukarica, directly opposite Ada Ciganlija – a popular recreational area.
'With our first retail investment in Serbia, we wanted to create something extraordinary and leave a permanent mark on the city's landscape. That is why Ada Mall was designed to provide its visitors with a unique "Belgradian" shopping experience,' said GTC's chief executive Thomas Kurzmann.
GTC has developed office and retail properties in Central and Eastern Europe (CEE) and South Eastern Europe (SEE) since 1994. Today, the firm actively manages 36 commercial real estate projects providing nearly 600,000 m2 of office and retail space in Poland, Serbia, Hungary, Romania, Croatia, and Bulgaria.
