Mitiska REIM, a specialist investor in European convenience real estate, announced it has secured a €44 million development and investment financing with Bank Pekao SA for the refurbishment of Europa Centralna convenience centre, the largest retail redevelopment project currently underway in Poland.
Located on a 22 ha site in Gliwice, Europa Centralna is the largest retail scheme in the city and surrounding area, with a gross leasable area (GLA) of 56,242 sqm and parking for 1,800 cars. Mitiska REIM acquired Europa Centralna on behalf of the MEREP 3 fund in March 2023. Subsequently, the European Bank for Reconstruction and Development (EBRD) joined the investment through a co- investment fund.
The credit facility with Bank Pekao will be used to finance the transformation plan to turn Europa Centralna into a go-to destination for retail, entertainment and leisure for both the city and the Upper Silesia region. Construction works have already commenced. JB Development is responsible for the commercialisation of the project.
The redevelopment is scheduled for completion by mid 2027, which will coincide with the opening of a new Theme Park being developed by Momentum Leisure on a land plot adjacent to the centre. Europa Centralna remains open for shoppers throughout.
Mateusz Szymczak, Mitiska REIM’s Investment Director for Poland, comments: “We are very happy to achieve a further important milestone in the redevelopment of the Europa Centralna project. Mitiska REIM has extensive experience in large-scale retail transformations, and we see a huge opportunity to transform Europa Centralna through a compelling mix of shopping, entertainment and leisure, all in one destination.”
Grzegorz Trawiński, Head of Debt Financing Poland at Mitiska REIM, adds: “We are delighted to partner with Bank Pekao for this very exciting project, and are grateful for their support, professionalism and depth of expertise throughout the process. As a result of this financing, we can unlock the full potential and value of Europa Centralna via this redevelopment.”
Maciej Misiejuk, Director of SME Investment Project Finance Office at Bank Pekao S.A., comments: “Europa Centralna is another project developed by Mitiska REIM that Bank Pekao S.A. has the pleasure to finance. Given the high level of professionalism demonstrated by the Mitiska REIM team, as well as our very positive track record of cooperation to date, I am confident that this will be another successful and valuable investment. We are pleased to support the transformation of Europa Centralna and to contribute jointly to unlocking the full potential of this project.”
Agnieszka Głuchowska, Investment Project Finance Manager at Bank Pekao S.A., played a key role on the Bank’s side in the process leading to the positive credit decision. She adds: “We are pleased to continue our cooperation with Mitiska REIM and to support the delivery of another joint project in the Polish market.”
Mitiska REIM was advised in the financing agreement by A&O Shearman, and Bank Pekao by CMS Cameron McKenna.
