News Article Czestochowa GTC mall Poland refinancing retail shopping
by Property Forum | Retail

GTC signed a €130 million refinancing loan agreement for one of the largest assets in its portfolio, Galeria Jurajska. Located in Częstochowa, the 48,700 sqm shopping centre offers over 200 stores, service points, restaurants and a multi-screen cinema.

Over 50 shops have recently prolonged their lease in Galeria Jurajska and the shopping centre was granted BREEAM certificate at the “Excellent” level for the implementation of ecological solutions such as energy-saving lighting or efficient air handling system. A number of banks have shown interest in refinancing the asset, and GTC management has selected the best offer.

„The new loan will generate over €40 million of free cash to GTC at attractive financial conditions. This high-quality investment continues to provide GTC with important Free Flow from Operations (FFO) alongside with substantial free cash from refinancing provided by leading banks in the region.” – said Erez Boniel, GTC’s CFO.