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Poland's GTC agrees 64 mln euro financing for shopping mall project in Serbia

Author Radomir Ralev
Poland's GTC agrees 64 mln euro financing for shopping mall project in Serbia Source: GTC

BELGRADE (Serbia), April 20 (SeeNews) – Polish real estate developer Globe Trade Centre (GTC) said on Thursday it has signed a 64 million euro ($68.9 million) agreement with three banks for the financing of the construction of its Ada Mall project in Belgrade. 

The agreement was closed with Banca Intesa Beograd, Slovakia's Vseobecna uverova banka (VUB) and Croatia's Privredna banka Zagreb (PBZ), all members of Intesa Sanpaolo group, GTC said in a statement. 

Ada Mall will offer 34,400 sq m of retail space located in Cukarica, directly opposite Ada Ciganlija island in the Danube river, GTC said.

“With our first retail investment in Serbia, we wanted to create something extraordinary and leave a permanent mark on the city’s landscape. That is why Ada Mall was designed to provide its visitors with a unique Belgradian shopping experience,” the CEO of GTC, Thomas Kurzmann, said in the statement.  

GTC received the final building permit for Ada Mall in mid-February and started construction works on March 6. The opening of the mall will take place in autumn 2018.

“We are very pleased to be the main financial partner of this project in cooperation with subsidiaries of our parent group Intesa Sanpaolo, thereby supporting the completion of one more significant foreign investment in Serbia that will help create jobs while also providing new content for citizens,” the president of Banca Intesa Beograd executive board, Draginja Djuric, said.

GTC has already completed the construction of five office buildings in Serbia, all of them in Belgrade, according to data from the company's website. 

Elsewhere in Southeastern Europe (SEE), GTC is also present in Croatia, Romania and Bulgaria.

($ = 0.929047 euro)