East Gate Mall will introduce more than 20 new global fashion brands to the retail market in Skopje. Credit: East Gate Mall
Development | Feature

Financing in Hand

East Gate Mall in Skopje, North Macedonia, which features approximately 250 retail units, is scheduled to open its doors in fall 2021. Balfin Group Albania is responsible for the project.

A syndicated loan agreement in the amount of EUR 72 million has recently been signed to finance the construction of East Gate Mall, a real estate investment project belonging to Balfin Group Albania. The project is set to become one of the most modern shopping centers in the Balkan region. It is a 103-million-euro investment project located on the site of the former exhibition center of Skopje, the capital of North Macedonia. The syndicated loan was financed by NLB Group, Komercijalna Banka Skopje, Raiffeisen Bank Albania, and Halk Bank Skopje.

Igor Davkov, CEO of East Gate Mall, commented: “We have signed the largest amount of bank financing in Macedonian history, in terms of project financing of a private sector investment. The signing of this agreement closes East Gate Mall’s financial structuring of the shopping center investment of more than 103 million euros, which marks the financial completion of the first phase of the entire project.”

Part of a Multi-purpose Complex

The shopping center is part of the modern and contemporary multi-purpose Skopje East Gate complex, which will also include a residential area as well as an office park – all covering a total area of 500,000 sq m. The objective of the project is to introduce new and modern standards of urban living and working.

The shopping center, an investment that comprises a total usable leasing area of approximately 57,000 sq m and counts some 250 tenants as well as individual premises for rent, is expected to completely change the image of the North Macedonian retail trade. Specifically, East Gate Mall will introduce more than 20 new global fashion brands to the retail market in Skopje on a retail area of more than 20,000 sq m, which amounts to roughly 40% of the shopping center’s total leasable space. It will allow for the opening of retail units of the same size and format as those in which the world’s biggest fashion brands open stores in capitals around the world, thereby providing the end consumer with a completely different offer in terms of quality and quantity.

East Gate Mall is scheduled to open in fall 2021. More than 150 tenants have signed commercial terms and lease agreements with the scheme. To date, more than a year before the mall is due to open, over 80% of the mall has been leased by tenants, under confirmed commercial terms.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Feature MORE

Projects & Openings International

Chengdu Grand Shopping Center | CHINA +++ Arsib Tower | RUSSIA +++ Distrito Vivo | MEXICO

GfK study: European retail in 2020 and 2021

Probably almost everyone in Europe would like to see a return to normality, to where we have achieved herd immunity, infection numbers are controlled, and coronavirus-related restrictions are lifted. Whenever we reach that normality, it will still be a new kind of normal. The coronavirus pandemic will permanently change the way we work, live, and consume – and retailers will also have to find their way in the new world after the acute shock of 2020 and 2021.

GRAI treading water – pandemic (still) stops recovery in retail markets

Global Retail Attractiveness Index remains weak in Europe. Poland, Germany and Ireland are new top trio in index. UK the only market to see an increase.

Dining and working in the sky? Views beyond the crisis.

In a critical period for HoReCa, office or mixed-use projects, recent investments are adding new flavors and attractive or innovative functions to revive the pulse in key submarkets of Bucharest. Can dining or working with sky views make flexible working or meetings more appealing?

These 10 trends are currently driving the placemaking industry

The following 10 trends are currently driving the placemaking industry.

Placemaking Trends: The experts’ assessments

The Covid-19 pandemic brought massive changes to the entire retail real estate and placemaking industry. A lot of negative developments, but also a number of opportunities and possibilities for the future. We asked the following industry experts to share their opinion on the matter.