Montenegro’s NLB Banka provided a €24 mln long-term loan to Israeli company BIG CEE to acquire the Capital Plaza office and residential complex in Podgorica.
The 10-year loan agreement was signed by NLB and NLB Banka Podgorica, its subsidiary, which jointly approved the loan.
Covering an area of 85,000 m2, the Capital Plaza complex consists of two business-office towers, the 122-room CUE hotel, a residential-commercial complex with 70 luxury apartments, a retail area on two levels, as well as four garage levels with about 725 parking spaces.
The property is located in the heart of the Podgorica business district.
The acquisition of Capital Plaza by BIG CEE is considered as one of the largest real estate investments in Montenegro.
Marko Celebic, executive assistant to the member of the Management Board of NLB Banka Podgorica, said: ‘This credit support to BIG CEE is proof of our commitment and support to the development of companies and business initiatives that contribute to the strengthening of the economy, as well as the creation of development opportunities and opportunities in our country.’
Alon Bargiora, CFO of BIG CEE, added: ‘NLB Bank is our strategic partner in Montenegro and we are very satisfied both with the achieved cooperation and with the trust shown through the financing of the Capital Plaza project.’
NLB Management Board member in charge of corporate and investment banking Andrej Lasic, commented: ‘NLB once again proved that we are not only a regional systemic financial institution but also an important regional player. We want to take maximum care of our region and thus improve the quality of life by creating a region of new opportunities. We are convinced that this project is an important step on this path.’
This transaction took place just one year after BIG CEE added the Delta City shopping mall in Podgorica to its portfolio.
BIG CEE is one of the largest developers of shopping centers in Central and Eastern Europe.
