ECE Projektmanagement and the Real Estate Finance Business Division of Landesbank Berlin AG and Berlin Hyp, the two strong partners on the real estate market, signed the loan contract for the construction of Galeria Kaskada in Szczecin, Poland. The total credit value amounts to 111 million. With the financing available the construction of Galeria Kaskada will now start in full scale in order to reach the planned opening date in the fall 2011. The complete investment of the project sums up to 190 million.
Mr. Jan Bettink, chairman of the board of management of Berlin Hyp, states: "This deal once again underlines the strong position and good reputation of the joint business division of Landesbank Berlin AG and Berlin Hyp. We are proud to have closed this significant deal despite the current financial climate. ECE as well as we as the financial partners professionally teamed up and committed to completing the transaction within the set timeframe scheduled by the borrower."
Galeria Kaskada will be the premium shopping destination in Szczecin and the region of Western Pomerania. It is perfectly located in the very heart of the city center of Szczecin, with convenient access by all means of transportation. The catchment area exceeds 720,000 people and stretches out far beyond the German-Polish border. Galeria Kaskada will house 140 stores offering a top mix of fashion brands, cosmetics, accessories, multimedia, food and services. Its best quality architecture will restore the urban character of the premises and bring back the city glamour to the center of Szczecin.
In terms of the project quality, solid financial grounds, and leasing ratio Galeria Kaskada meets the current high requirements of the financial markets. Almost two years before the opening as much as 55% of its retail space has been leased. The planned shops and fashion brands to be present in Galeria Kaskada include: Van Graaf, Intersport, C&A, Humanic, Max Mara Weekend, Camaieu, Promod, Tchibo, Coffee Heaven, Rossmann, Douglas, Sephora, L'Occitane, Apart, Yes, Adidas, Nike, Lee-Wrangler, Levi's, Wittchen, Venezia, Ecco, and many more.
The construction of Galeria Kaskada sets off within the next few days with Strabag Polska as the general contractor. Strabag will take over the construction site from Stump Hydrobudowa, the ground work company who have been preparing the site for the construction.
With the timely commencement of the construction ECE confirms its dedication to the company's engagement in the cooperation with the city of Szczecin. Before that ECE has fulfilled a number of commitments from the agreement with the city, among them ECE built the new building of the city puppet theatre "Pleciuga". ECE will also contribute to the city in