€150 million secured for TriGranit's Arena Centar (HR)

The ceremonious signing of a contract valued at €150 million for the financing of the building of TriGranit's "Arena Zagreb" represents the largest direct foreign investment in the building sector in Central Eastern Europe since the start of the financial crisis.


Arena Centar is scheduled to be opened at the end of 2010.

The contract, signed between TriGranit Laniste d.o.o. and a consortium of six international banks, guarantees the full realisation of the building of one of the largest and most modern shopping-entertainment centers in the region.

The shopping-entertainment center Arena Centar, to be opened at the end of 2010, valued at €244 million and covering an area of 175,000 m², will trigger a liquidity effect within the industry given that 2,500 workers will be on the site during the construction phases, while upon opening 3,000 new jobs will be created.

Participating in the signing ceremony were representatives of the six banks: INTESA SANPAOLO, ERSTE GROUP AG, HPYO INVESTMENTBANK AG, CASSA DI RISPARMIO DELLA REPUBBLICA DI SAN MARINO S.P.A., MKB BANK Zrt. and CIB BANK Zrt.

The ceremony was attended by Tamara Obradović Mazal - State Secretary in the Ministry of Economy and Zagreb City Mayor – Milan Bandić. TriGranit Development Corporation was represented by Chairman Sándor Demján, CEO Lorant Varga and TriGranit Croatia Director Vlaho Kojaković.

"This contract is a great sign of trust in the industry and the region. It is also a sign of TriGranit's confidence in Zagreb and Croatia - one of the main markets on which we are focusing. Our aim is to build a unique complex that, due to its rich offering, will create a new social meeting point for Zagreb and contribute to creating an image of Zagreb City as a true European metropolis," said TriGranit Chairman Sándor Demján.

"The Arena Centar project has already had an impact on the development of modern infrastructure and communal networks in Zagreb's south-west. Aside from generating new jobs it will also inject new funds in the city and state budgets through taxes and communal contributions," said TriGranit Zagreb Director Vlaho Kojaković.

Arena Centar will be built by a consortium of Croatian companies: MUCIĆ & CO, MEĐIMURJE GRADITELJSTVO and TROMONT. Construction works are now in full swing.

The majority of Arena Centar's retail space has already been leased out given TriGranit's long standing partnership with international and local leading brands such as SPAR and Blitz Cinestar.

The center will incorporate 10 anchor stores, more than 200 other stores, a 10,000 m² hypermarket, café bars and restaurants and a 9-screen multiplex cinema. Arena Centar will also be Europe's first such complex adapted for persons with special needs.

Source: TriGranit

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