May 12, 2017

GTC sign binding term sheet for the financing of Ada Mall in Belgrade

GTC sign binding term sheet for the financing of Ada Mall in Belgrade

GTC has signed a binding term sheet for the financing of construction of Ada Mall, its first retail investment in Belgrade. The agreement concluded with Banca Intesa Beograd, VUB and PBZ, all banks of Intesa Sanpaolo group, one of the top banking groups in Europe, amounts to €64 million.

Ada Mall will offer 34,400 sqm of state-of-the-art retail space designed and built according to the highest international standards.

“With our first retail investment in Serbia, we wanted to create something extraordinary and leave a permanent mark on the city’s landscape,” said Thomas Kurzmann, GTC’s CEO.
“That is why Ada Mall was designed to provide its visitors with a unique Belgradian shopping experience.”

Apart from the state-of-the-art design concept and an attractive offer with over 100 shops and brands, Ada Mall will also provide entertainment and relaxation zones, like a panoramic roof garden with a view of the lake.

“We are very proud to be the main financial partner of this project in cooperation with subsidiaries of our parent group Intesa Sanpaolo, thereby supporting the completion of one more significant foreign investment in Serbia that will help create jobs while also providing new content for citizens,” said Draginja Djuric, President of Banca Intesa Executive Board.
“We are confident that in this way we will also contribute to the further recovery of the domestic construction industry given that investments of this scope always have wider effects, engaging a large number of local firms.”

GTC received the final building permit for Ada Mall in mid-February 2017 and started construction on 6 March 2017, whereas the opening of the mall will take place in autumn 2018.
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