Ada Mall. Image: GTC
Investment

News on Ada Mall: Binding term sheet for financing

GTC S.A. has signed a binding term sheet for the financing of construction of Ada Mall, its first retail investment in Belgrade. The agreement concluded with Banca Intesa Beograd, VUB, and PBZ (all banks of the Intesa Sanpaolo group) amounts to €64 million.

Ada Mall will offer 34,400 sq m of state-of-the-art retail space. The shopping center will be in Cukarica, directly opposite Ada Ciganlija, a popular recreational area.

“We are very proud to be the main financial partner of this project in cooperation with subsidiaries of our parent group Intesa Sanpaolo, thereby supporting the completion of a further significant foreign investment in Serbia that will help create jobs and provide new content for citizens. We are confident that this will also contribute to the further recovery of the domestic construction industry, given that investments of this scope always have wider effects, engaging numerous local firms,” said Draginja Djuric, President of Banca Intesa’s executive board.

GTC received the final building permit for Ada Mall in mid-February 2017 and started the construction on March 6, 2017, whereas the opening of the mall will take place in autumn 2018.

Follow ACROSS

Download

fb-art 150

Share this article
Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Investment MORE

Seeking maximum efficiency

Why Lean Management is an imperative for future-proofing our shopping centers.

Ingka Centres’ First Acquisition in the USA

The company has purchased the “6X6” building in downtown San Francisco. Following a transformation, the retail destination will be anchored by IKEA and will be complemented by mixed-use offerings.

Stricter financing conditions for retail properties

Business closures and rent losses in the coronavirus crisis have made banks even more cautious about retail properties and shopping centers. In the case of refinancing, portfolio holders have to calculate with higher interest rates and additional equity.

Ingka Centres Acquires Kings Mall in London

Following its transformation, the scheme will be the first mixed-use object in a downtown location, anchored by an IKEA city store, in the United Kingdom.

Upgrading the existing portfolio

Ingka Centres’ €7.3 billion investment to transform its business remains on track – with particular emphasis on sustainability and innovation.

Investment News

Allianz Real Estate Refinances a 300-million-euro Acquisition +++ Investment in Hallplatz-Galerie in Zweibrücken +++ Investika purchased Galerie Butovice