WestEnd City Center in Budapest. Image: Erste Group
Investment

€335 MILLION CREDIT AGREEMENT – ALSO FOR WESTEND CITY CENTER IN BUDAPEST

Gránit Pólus Group has signed a credit agreement of €335 million with a syndicate of Erste Group Bank, Erste Bank Hungary Zrt., UniCredit Bank Hungary Zrt., UniCredit SpA, and K&H Bank Zrt. to refinance existing loans and provide a capex credit line for WestEnd City Center in Budapest.

WestEnd City Center is one of Hungary’s most popular malls, with more than 20 million visitors per year. The mixed-use development scheme consists of a 47,000 sq m of retail area, a 16,000 sq m “A”-category office complex, and a 5-star Hilton Budapest City Hotel.

“This is a landmark transaction in the Hungarian real estate market and we are proud that we could support our customer to realize one of the largest real estate transactions of 2017. This commercial real estate deal also shows that growth in Hungary’s economy is picking up and consumer interest is on the rise,” said Karin Schmidt-Mitscher, Head of the Group Commercial Real Estate and Leasing division at Erste Group Bank AG.

Zsolt Szabó, CIO of the Gránit Pólus Group, added: “We are glad that we could close this rather complex refinancing with the new consortium led by Erste Group in time. This transaction proves the trust the banks place in Granit Polus and certifies that WestEnd City Center is a premium asset in the region.”

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