G-City Europe (formerly Atrium European Real Estate) concluded an investment loan agreement with Bank Pekao S.A. and Berlin Hyp for €125 million. The loan was granted to the Promenada shopping centre.
Promenada underwent a significant upgrade this year as a result of which approx. 13 200 sqm of new retail space was added, thus significantly expanding the centre’s shopping and service offer. Following its redevelopment, this shopping centre in Warsaw has been enjoying a large and constantly growing footfall. Nearly 100 percent of the retail and service spaces have already been leased, proving that commercial assets can stand alone as stable and attractive long-term investments.
Promenada shopping centre stands out with its excellent track record of performance on the Warsaw market – stemming from its strategic location on the right bank of the Vistula River, as well as the expertise and experience of its sponsor (G-City Group) and the entire Polish management team. The direct catchment for Promenada – within a 20-minute drive – is over one million people, and extends to several districts in Warsaw, as well as satellite towns.
“It was a pleasure for us to cooperate with Bank Pekao S.A. and Berlin Hyp on the Promenada agreement due to the professional and efficient process of project assessment and finance preparation. The commercial real estate sector is evolving, and opportunities are emerging to generate great results. We have extensive experience in international markets, and we are forward-looking in the management of our portfolio, taking advantage of development opportunities and keeping our assets appealing to both our tenants and customers, as well as finance providers. We are pleased that Bank Pekao SA and Berlin Hyp recognised the strength of Promenada and the knowledge and experience of G-City,” says Or Ackerman, Group CFO, G-City Europe.
“We are enthusiastic about the opportunity to unite forces with G-City Europe and Berlin Hyp for this groundbreaking financing project. Pekao has recognised the strength and potential of Promenada, and we strongly believe that its regular modernisation and numerous extensions reflect an unwavering commitment to providing a better shopping experience. The impressive footfall and rate of commercialisation emphasise the centre’s buoyancy and appeal on the market. We are glad that we are part of this significant agreement and we believe that Promenada will continue to grow as a prominent retail venue in the Warsaw market,” says Lukasz Białecki, Director, Head of the Real Estate Finance at Bank Pekao S.A.
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