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The Warsaw Voice » Real Estate » October 28, 2009
The Real Estate Voice
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100 million Euros for Galeria Echo Mall
October 28, 2009   
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Eurohypo AG bank has agreed to loan the Echo Investment Capital Group 100 million euros to enlarge the Galeria Echo shopping mall in Kielce.

The Galeria Echo mall has around 68,000 square meters of space including 26,000 sq m of rentable space. The planned enlargement comprises four new commercial floors and a multi-level parking lot. After the enlargement, the mall will have a total surface area of 159,000 sq m, including 66,000 sq m of rentable space, as well as parking places for over 2,000 cars. Shoppers will get to choose among almost 300 stores and on the two uppermost floors, Galeria Echo will have entertainment and recreational facilities, including a gym, a fitness center, a bowling alley, a disco, restaurants, cafes and a playroom for children.

The expanded Galeria Echo will open in 2011. The enlargement was designed by the Detan Architectural Studio in Kielce, while the facades were designed by Open Architekci in Warsaw.

The contract between Echo Investment and Eurohypo specifies that the loan must be spent directly on construction. This is the largest contract of this type on the Polish commercial real estate market this year and one of the highest loans granted in Central and Eastern Europe. Echo Investment will receive the loan in installments until March 31, 2012. The repayment deadline expires March 31, 2020.

In June, Echo Investment and Eurohypo signed a 50-million-euro contract for refinancing the construction costs of the Park Postępu office complex in Warsaw. It was the biggest contract on the market at the time.

Magdalena Fabijańczuk


Commentary:
Grzegorz Trawiński, head of Corporate Banking Poland at Eurohypo AG:
The contract with Echo Investment is the biggest financing contract Eurohypo has signed this year in Poland. It is also the first time we have decided to finance the developer phase of a project. Eurohypo has worked with Echo Investment for many years. What we appreciate most about the company is its professionalism and vast experience in carrying out commercial projects. In these turbulent times for the developers, we seek to support our customers in terms of financing for new projects.
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