Futureal and Caelum secure €50 million financing for Nova Park shopping center (PL)

Futureal and Caelum Development have secured €50 million construction and investment financing from BZ WBK Bank for their Polish joint venture, the Nova Park shopping and entertainment center in Gorzów Wielkopolski.

Nova Park

Nova Park shopping center will open next year.

"Nova Park is the first step in Futureal's new strategy to provide equity and development expertise for regional development partners. The fact that we have been able to secure financing at very favourable interest rates reflects the strength of our balance sheets and the credibility of the joint venture partners," said Gábor Futó, Founder of Futureal.

"The leasing of Nova Park has been progressing above expectations. Commercialization has reached 70% of the leasable area 10 months before the opening date with all major anchors in place," said David Sharkey, Founder of Caelum Development.

Nova Park, with 140 shops and close to 80,000 m² of built area will be the largest regional shopping center in the whole Lubuskie Voivodship region of Poland and is estimated to reach €120 million of investment value.

Source: Futureal Group

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