Inner-city mall specialist ECE has agreed a EUR 74 mln loan facility with German financier WestImmo for the construction of Árkád Szeged shopping centre in the southern Hungarian city of Szeged.
Inner-city mall specialist ECE has agreed a EUR 74 mln loan facility with German financier WestImmo for the construction of Árkád Szeged shopping centre in the southern Hungarian city of Szeged.
The overall investment volume of the project comes to more than EUR 100 mln. Árkád Szeged is one of the currently largest externally financed construction projects in Hungary, according to ECE.
The foundation stone for the new inner-city shopping gallery was laid this week in the presence of numerous city officials.
'Our cooperation with Westimmo is a positive signal and shows that well-designed retail projects such as the Árkád Szeged can also be realised in the current financial market crisis,' said ECE CEO Alexander Otto.
Árkád Szeged will provide 130 specialist stores, cafés, restaurants and service providers on three floors over 41,000 m2 in Hungary's fourth largest city by fall 2011.
