September 21, 2018

Futureal, UniCredit and Erste Group sign loan agreement in Budapest

Futureal, UniCredit and Erste Group sign loan agreement in Budapest

Futureal Group signed a loan agreement for €150 million (roughly HUF 48 billion) with a consortium led by UniCredit acting as Bookrunner and Facility Agent. UniCredit and Erste Group will finance Buda's biggest shopping centre with equal parts, marking one of the largest shopping centre-related financings in Hungary over the past ten years. The construction of Etele Plaza, with a gross area of 137,000 sqm, is already underway.

In the financing package, unique also by European standards, each banking group provides equal parts of the total loan amount with around €150 million available for 10 years for the development and long-term operation of Futureal Group’s Etele Plaza project. The centre, combining digital services and architectural solutions unique in Hungary, will be built in the immediate vicinity of Etele square, the largest multimodal transport hub of Hungary.

Etele Plaza, with a rentable area of 55,000 sqm, will feature 180 shops. In addition to the fashion shops, the centre will also feature a supermarket, restaurants, cafés, a multiplex cinema, a gym, a children’s play centre and a range of other services with nearly 1,300 parking lots. The most advanced location and navigation system will facilitate parking in the building by indicating empty spaces. It will also help customers to find the chosen stores or services through a mobile application.

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