Multi Development granted €98.475 million loan for building Nová Karolina Shopping Center (CZ)

A syndicate of banks comprised of Ceska Sporitelna, ÈSOB, HYPO Investmentbank, and KBC Bank provided a syndicated loan of €98.475 million (approx. CZK. 2.58 billion) for the construction of the Nová Karolina Shopping Center development, of Multi Development, in the center of Ostrava, Czech Republic.

NovaKarolina - Ostrava

Design for the Nová Karolina Shopping Center in Ostrava, Czech Republic.

ÈSOB is the coordinating bank and security agent, while Ceska Sporitelna is the facility agent. The loan will be due for payment five years from the signing of the agreement, and the security conditions constitute a part of the contractual stipulations between the syndicate and the development company.

"We very much value the helpful approach of all of the banks involved. Their interest and support confirms the exceptionality of this particular project as well as the fact that on the development market there is still room for the implementation of high-quality projects, in spite of the recent economic situation," noted Luboš Koèí, CEO of Multi Development Czech Republic.

The construction of Ostrava's New Karolina, part of which is also the Shopping & Leisure Centre, is one of the largest inner-city development projects in the country and marks one of Central Europe's largest inner-city revitalizations. The tenants who will use the premises once they are completed include major names such as Ahold, Palace Cinemas, C&A, Intersport, Datart, Marks & Spencer, New Yorker.

Source: Multi Corportation

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