GTC Group, a central, eastern and southern Europe-focussed property company, has sourced a €64 million loan to finance the development of a shopping centre in the Serbian capital Belgrade.
The loan has been provided by Banca Intesa Beograd, VUB and PBZ, which are all subsidiaries of Italian banking group Intesa Sanpaolo.
The 34,400 square metres Ada Mall is scheduled for completion in Q4 2018. The scheme is located in the Cukarica area of the city, directly opposite Ada Ciganlija, a popular recreational area. It will comprise more than 100 retail units, plus leisure space. GTC received consent for the development in February and began construction in March.
“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,” said Draginja Djuric, president of Banca Intesa executive board.
“We are confident that in this way we will also contribute to the further recovery of the domestic construction industry given that investments of this scope always have wider effects, engaging a large number of local firms,” Djuric added.