The European Bank for Reconstruction and Development (EBRD), has last month announced that it has become an equity partner in the development of a new retail and entertainment complex in Pula, Croatia.
According to its press release, EBRD and the Enterprise Expansion Fund (ENEF) will provide a €10 million co-investment to finance the center’s development.
The two parties will thus become equity holders in EECF, the ultimate owner of the Croatian company Trgovački centar Max Stoja, which will develop and manage the new complex in Pula.
As announced by EBRD, the planned retail and entertainment center will have a gross leasable area of about 30,000 sqm, offering 830 parking spaces. Its construction will respond to the growing demand for modern retail space in this part of Croatia, bringing quality brands to the local market. In addition, it will also boost tourism and open up new opportunities for local businesses to present their products to a wide target audience.
“We are pleased to become a partner in this important investment. It is good for Pula, good for retailers and good for customers. Creating a new, state-of-the-art shopping and entertainment centre will go a long way to meet the demand for first class retail services,” said Vedrana Jelušić Kašić, EBRD Regional Director for Croatia, Hungary, Slovakia and Slovenia.
EBRD commenced its first project in Croatia in 1994 and has so far invested more than €3.6 billion in a total of 191 projects. The Bank’s activities cover a wide scope of economic areas and are mainly focused on infrastructure, corporate, finance and energy sectors.