GTC’s Polish flagship retail project was officially granted the investment loan facility in the maximum amount of up to €200m. Under the original agreement, Bank Pekao S.A. granted a construction loan facility of up to €116m.
Galeria Północna was completed on budget and attracted nearly 2 million visitors in the first two months after opening. The refinancing of the mall will provide GTC with substantial cash to accelerate further growth with no need to raise new equity.
“We are pleased to announce this loan refinancing with Bank Pekao S.A., a leading financing partner of GTC,” commented Erez Boniel, GTC’s Chief Financial Officer. “Following the successful completion of Galeria Północna, this new debt facility further strengthens our funding sources and reduces our cost of funds, as we continue to drive growth in Poland and CEE & SEE capital cities, whilst reinforcing higher FFO and improved FFO yields”, he added.
“We appreciate our long-term relationship with GTC S.A. and are pleased to support their growth. This considerable facility demonstrates GTC’s position as leading player on the market. We are proud to be part of this success story”, said Monika Mielecka, Director of Bank Pekao Commercial Real Estate Finance.
Galeria Północna is the first major modern shopping and entertainment centre located in Warsaw’s Białołęka district. The investment was completed within 25 months after obtaining the construction permit.