Slovakian developer JTRE’s chairman and founder Peter Korbacka through his Eurovea 2 company has received one of the largest real estate loans in Slovakia in recent years having secured a €116 mln funding facility for an extension to the Eurovea shopping centre and the adjacent Pribinova X office building currently under development in Bratislava.
The construction loan was provided by a syndicate of banks led by Tatra banka, together with Slovenská sporitelna and UniCredit Bank.
‘Despite over twelve months of pandemic-related restrictions, the Eurovea extension project is proceeding on schedule,’ said said Peter Korbacka, founder and chairman of JTRE. ‘Getting such key financing during the current difficult situation shows that our confidence in the project - following society’s return to business as usual - is also shared by the banks. We appreciate this trust in the project, its strong footfall, and the project work team - and we are thankful.’
He continued: ‘In just over a decade EUROVEA has become Bratislava’s leading fashion and shopping destination, whilst being a popular place to spend time on the Danube promenade. The development of the EUROVEA CITY district will bring additional opportunities for living, working, and relaxing, and will make Bratislava’s contemporary centre point even more attractive.’
The expansion will deliver a further 25,000 m2 of leasable retail space, with the Primark fashion chain’s very first store in Slovakia being among the biggest attractions. Upon project completion, the shopping centre’s total leasable area will be 85,000 m2. The Pribinova X office building - directly connected to the shopping centre – will offer 18,000 m2 of leasable area.
Construction of the Eurovea extension by developer JTRE began in December 2019, with parts scheduled for completion in 2022 and 2023.
In October last year JTRE also obtained a €105 mln loan from lenders Unicredit and VÚB to finance the construction of the Eurovea residential tower and a low-rise waterfront building, Eurovea Riverside.
