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Credit: Equilis
Galeria Chełm , Credit: Equilis

Galeria Chełm concluded a project financing agreement with mBank, amounting of €21 million

The €21 million loan is a milestone in completing the first shopping center in Chełm, Poland.

Investors Acteeum Group and Equilis Poland have secured €21 million in bank financing from mBank for their Galeria Chełm shopping center project in Chełm in eastern Poland. The opening of Galeria Chełm is planned for the first quarter of 2020. Investors’ solidity, good project preparation, timely development progress and high level of commercialization ensured efficient credit process in which the Czabański & Gałuszyński law firm advised the investors.

“We are happy that our Chełm project has won recognition not only of tenants and the local community but also our financial partner. Providing financing for the Galeria Chełm project mBank confirmed its attractiveness and joined forces with the investors in the development of our highly-anticipated shopping center, which will bring a lot of positive energy to the lives of Chełm and the region residents”, said Monika WoźniakZawioła, Equilis CEO in Poland.

The construction of Galeria Chełm progresses as per the planned schedule. So far, preparatory, ground and foundation works have been completed. Currently, work is underway on the construction of the load-bearing facility and masonry, as well as preparations for the assembly of the roof structure. In parallel with the dynamically carried construction works, the commercialization of the project is coming to an end, exceeding the level of 85% three quarters prior to its opening.

“We are glad that mBank joins Galeria Chełm project as a financial partner. An efficient credit process concluded with the just signed credit agreement provides not only financing for the further progress of the project, but also confirms its quality stemming from investors’ experience, consistently kept development schedule and very high interest of tenants”, explained Anna Grams-Szalacha, Acteeum Central Europe Financial Director.