Globe Trade Centre S.A. (GTC) has signed a construction loan agreement with Bank Pekao S.A. The loan of up to €116 million for the construction loan and an investment loan of up to €150 million or €175 million will be used to finance the development of Galeria Północna shopping mall project in Warsaw.
Construction of Galeria Północna commenced in July 2015 when GTC obtained a building permit. As at August 2015, it has already reached over 32 percent pre-lease with prominent tenants such as Carrefour, Cinema City, H&M, the LPP Group and many others.
“We are delighted to conclude the loan agreements for Galeria Północna development, where construction works are already underway at full speed,” said Erez Boniel, GTC Chief Financial Officer. “We are certain that our project will contribute to Warsaw’s retail market and will meet the expectations of the inhabitants in Białołęka and the neighbouring districts. Galeria Północna will be the first major modern shopping and entertainment centre located in the North-Eastern part of Warsaw. We are very pleased to have secured financing from Bank Pekao for this investment – it continues a successful, long-term partnership of GTC with the bank.”
Development of Galeria Północna is a part of GTC’s strategy to grow through development of selected high-quality office and retail projects that meet tenants’ demand and acquisition of value-added assets in capital cities across the region.