ING Bank Slaski S.A. and ING Bank N.V. have jointly signed a €193 million term loan facility to refinance senior debt related to the Bonarka City Center shopping mall.
The mall was developed by TriGranit Development Corporation, one of the largest privately owned development corporations in Europe. The loan for Bonarka City Center was closed on February 27, 2015. Opened in 2009 with a total area of around 92,500 sq m, it is the biggest shopping center in Krakow, Poland. Bonarka City Center has long-term tenant contracts in place and welcomed more than 13 million visitors in 2014, a 4.4% annual increase in visitor numbers. The success of the transaction demonstrates the project’s potential, the strength of the underlying assets, as well as TriGranit’s solid track record as a developer.
Just as the Covid-19 pandemic blurred the lines between office and home in 2020, the office of the future will need to combine elements of work, life, and experience in order to be competitive in post-pandemic city center locations, writes Nicole Pötsch, Head of Acquisitions & Sales for North & Central Europe at Allianz Real Estate.
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.