EBRD mulls 13.5 mln euro loan for retail park in Belgrade

The retail park in Belgrade's Zemun minicipality will have a net leasable area of 15,309 square metrеs and a parking lot for 385 cars, the EBRD said in a statement, adding that the total cost of the project is 25.5 million euro.

The project, which will address the underdevelopment of Belgrade’s and Serbia’s modern retail market, will be developed by special purpose vehicles Jelmil and Konzulpro, indirectly wholly owned in equal shares by Israeli real estate companies Jerusalem Economy and Industrial Building Corporation.

Belgrade is at an early stage of retail development with a per capita modern retail stock at only 20% of the average in other Central and East European capitals.

The proposed loan is scheduled to be reviewed by the EBRD board on November 13.

($=0.77 euro)