Bonarka shopping center. Image: TriGranit
Investment

REFINANCING FOR BONARKA CITY CENTER

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.

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Investment MORE

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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.