Wzgórze Shopping Centre obtains €137 mln. Senior Financing Loan for redevelopment & extension (PL)

Wzgórze Shopping Centre in Gdynia has obtained a €136,828,000 Senior Financing Loan for its redevelopment & extension. The construction works of Wzgórze will start in the following weeks, Grand opening is planned for Q3 2013.

Mayland Real Estate, entrusted in 2009 by Foncière Euris Group, the owner of the existing 21 000 m². Wzgorze shopping center, with preparing the redevelopment and extension of the entire scheme has secured a €136.8 million development financing facility for a Major Retail Mall in Poland. Mayland RE will now conduct the extension process and keep property management of the operating shopping center.

Financing of the project will be provided by a consortium of 2 major Polish banks, Bank Pekao SA and Bank Zachodni WBK S.A. Bank Pekao S.A., who will act as agent and majority lender, is one of the largest banks in CEE in terms of market capitalization, as well as a member of UniCredit Group. Bank Zachodni WBK S.A. is the third largest branch network in Poland, and a 96% subsidiary of Group Santander. The debt was arranged by Colliers International.

Commenting on the debt transaction, Monika Mielecka, Director of Commercial Real Estate Finance at Bank Pekao S.A. added: "This transaction confirms our strategy of providing flexible construction finance to experienced and competent developers, and is an evidence that we are a stable banking partner. I am proud that Mayland Real Estate entrusted financing of this unique project to Bank Pekao."

Jim Chekerjian, Director in Property Finance Department at Bank Zachodni WBK S.A. commented: "We are proud to participate in this prominent transaction. BZWBK remains open to provide construction finance to renown & experienced developers such as Mayland Real Estate."

Wzgórze Shopping Centre will be redeveloped according to the new concept and design, to become the shopping & leisure destination #1 in Three-city region. The regional third generation mall will occupy 70 000 m² GLA, where 270 units will be placed. Among the main anchors will be: Real, Inditex Group, Al Shaya Group, C&A, New Yorker, Helios, RTV Euro AGD. Presently the centre is 70% leased out.

Source: Mayland

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