Loan of €35.6 million and PLN7 million for construction of Galeria Sudecka – EuropaProperty

Echo Investment has concluded a loan agreement with Bank Pekao SA worth €35.64 million and PLN7 million. The funds acquired will be used to continue the construction of Galeria Sudecka – the largest shopping and entertainment facility in the Jelenia Góra region.

“It is not our first contract with Bank Pekao SA. We are happy to be able to work with our partner on another project, especially Galeria Sudecka in Jelenia Góra, which has been financed by the bank since 1999. The agreement signed confirms the location, the current operations and the quality of our project. I am convinced that our negotiations and the agreement signed will bear fruits in the form of our cooperation on further projects to be carried out by the Echo Investment group,” said Grzegorz Iwański, Director of the Funding Department at Echo Investment.

The construction of Galeria Sudecka is progressing according to schedule. The contractor of the shell of the building is Eiffage Polska Budownictwo. The stage involving the construction of the foundations and the underground car park is currently in progress. The extension of the road layout around Galeria Sudecka included the redeveloped of the high voltage line. The opening of Galeria Sudecka is planned for H2 2014.

The facility is currently 70 percent commercialized. The investor has recently signed contracts with the EMPiK chain and Smyk. The next few contracts are planned to be signed in January 2014.