Focus Estate Fund has signed a loan agreement with BNP Paribas Bank Polska for €13.5 million. The funds will be used to increase the Polish portfolio of FEF, as well as for further improvements at three of the fund’s properties in Poland. It refers to Eden Retail Park in Zgorzelec (GLA – 9,537 sqm), Galeria Sandomierz in Sandomierz (GLA – 4,383 sqm) and Galeria Awangarda in Bartoszyce (GLA – 6,056 sqm). This is not the first deal with BNP Paribas Bank Polska, the bank has already financed the Fund’s assets.
“Despite the restrained position on retail in general, our feedback on Focus Estate Fund’s spotlight on the format of retail parks and convenience shopping centres is positive. Obviously, this category of retail is the least exposed to market fluctuations and risks associated with the pandemic,” commented BNP Paribas Bank Polska on the deal.
“Without any doubt, we are pleased to intensify cooperation with our banking partner BNP Paribas Bank Polska. BNP has supported the Fund’s plans to implement a value-add strategy in the Central European markets by offering good conditions. Cooperation with the Bank during the pandemic is a reliable testament to the sustainability and stability of our assets, which continue to demonstrate attractiveness to financial partners, investors, tenants and consumers. With this vote of trust, we can enter into negotiations on the purchase of new retail properties in Poland,” said Maxim Shkolnick, Focus Estate Fund Partner.
Focus Estate Fund is to announce the acquisition of new shopping centres in Poland in the nearest future.