Poland’s Bank Pekao has written a €200 million loan to refinance the Galeria Północna retail park in Warsaw.
The refinancing loan, provided to Global Trade Centers Group, replaces a €116 million development debt facility secured from the same bank in 2015. The new facility has a loan-to-value ratio of 59 percent.
The refinancing of the shopping centre will provide GTC with “substantial cash” to accelerate further growth with no need to raise new equity, the firm said.
Galeria Północna, with a total leasable area of 64,600 square meters, opened officially in September this year, 25 months after obtaining a construction permit. Its tenants include Forever 21, Cinema City, H&M and the LPP Group.
“Following the successful completion of Galeria Północna, this new debt facility further strengthens our funding sources and reduces our cost of funds, said Erez Boniel, GTC’s chief financial officer.