Breda & Weinstein a.s., the project company of SC Breda & Weinstein Opava, and Unicredit Bank Czech Republic a.s. together with Komercni banka a.s., have signed a project financing agreement for the development of the 26,000-m² shopping center in the historical core of Opava. The banks will act as equal lenders to the project company.
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The 26,000-m² shopping center is due to open in autumn 2011.
The center is being developed by Develon CZ, part of the MINT Investments Group, and the equity financing is provided by Avestus Capital Partners, leading European Dublin-based real estate group.
The Breda & Weinstein center will be built by redeveloping a brownfield site of the former Zlatovar brewery and will bear the brand of a famous local department store with a tradition of over 100 years.
Radim Bajgar, partner at Develon CZ commented: "We are very pleased to team up with currently the two most active banks on the Czech real estate market, especially at the times when development debt financing is scarce."
He further commented on the Breda & Weinstein project: "Our aim is to bring a sustainable modern shopping center to the historical core of Opava that has all of the crucial components of the footfall and strong tenant mix, including six-theater Cinestar multiplex cinema. Strong combination of tenants' interest, available equity and bank financing, and favorable construction costs environment gives us great opportunity to create and build this scheme even during a general economic downturn."
Source: Develon
The Breda & Weinstein center will be built by redeveloping a brownfield site of the former Zlatovar brewery and will bear the brand of a famous local department store with a tradition of over 100 years.
Radim Bajgar, partner at Develon CZ commented: "We are very pleased to team up with currently the two most active banks on the Czech real estate market, especially at the times when development debt financing is scarce."
He further commented on the Breda & Weinstein project: "Our aim is to bring a sustainable modern shopping center to the historical core of Opava that has all of the crucial components of the footfall and strong tenant mix, including six-theater Cinestar multiplex cinema. Strong combination of tenants' interest, available equity and bank financing, and favorable construction costs environment gives us great opportunity to create and build this scheme even during a general economic downturn."
Source: Develon
