EBRD finances new shopping centre in Croatia

Published: 10 February 2010 y., Wednesday

Prekybos centras Romoje
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.

The borrower, Kaufmann i Hoffmann d.o.o., is majority-owned by the Austrian Kaufmann Group, which has a strong track record in building and operating commercial property projects, including City Center One Zagreb, one of the leading retail centres in the Croatian capital.

With the support of the EBRD loan, Kaufmann i Hofmann will build the first modern third-generation shopping centre in Split, which is currently lagging behind other cities in central and eastern Europe in terms of modern shopping space.

City Center One Split will be built using advanced energy saving techniques such as photoelectric solar panels, waste heat recovery, integrated building management system, energy saving lighting and water saving techniques. Due to its low energy intensity, the project will become the first energy passive building financed by the Bank, and the first development in Croatia to be internationally certified under the Building Research Establishment Environmental Assessment Method (BREEAM).

The new development will have total area of 68,000 square meters and 2,600 car parking lots and is expected to save over 4,700 MWh per year in energy consumption, and more than 1,800 tones of CO2 annually comparing to projects lacking energy efficiency investments.

Structured under the Bank’s A/B loan scheme, the EBRD will retain €31 million on its own account, with €37 million being syndicated to BAWAG P.S.K. and Raiffeisenlandesbank Oberösterreich AG.

“We are pleased to support the development of this unique project in the current tight credit market conditions. The involvement of EBRD has secured long term funding in a sector which finds it difficult to attract long term financing from commercial banks. The successful syndication reflects again that a strong sponsor and client relationship is key for banks to finance projects in the commercial property sector”, said Charlotte Ruhe, EBRD Director for Croatia.

Professor Wolfgang Kaufmann, Chairman of Kaufmann Group said “We are grateful to EBRD for their support in this transaction and look forward to working together on future projects. The development of City Center One Split represents a significant step in helping us to realize our expansion plans as a group and further evolving the City Center One brand.”

To date the EBRD has invested over €2.2 billion in the Croatian economy through more than 100 projects in the corporate, financial, infrastructure and energy sectors. The EBRD funds have attracted additional investments worth €3 billion from other sources.

 

Šaltinis: www.ebrd.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Gas Coordination Group discusses security of gas supply in the light of the current winter situation in Europe

In its first meeting in 2010, the Gas Coordination Group, under the chairmanship of the Commission, has focused today on the assessment of the situation on security of gas supply in the EU-27 and countries of the Energy Community and discussed priorities for the work of the Group in 2010. more »

Van den Brande welcomes Van Rompuy's commitment to multilevel approach to economic recovery

Luc Van den Brande, President of the EU Committee of the Regions (CoR), has used his first meeting with the President of the European Council, Herman Van Rompuy, to underline the importance of consultation between local, regional and national authorities. more »

Cameroon Firms Look to Hydro to Help Close the Power Gap

Basile Nkwesi, Directeur Commercial of Multiprint, speaks for dozens of frustrated business managers in this busy enterprise center when he talks about Cameroon’s costly and unreliable electricity. more »

In 2009 Bank SNORAS attracted 2400 new corporate clients

During 2009, over 2400 new corporate clients, whose total number currently exceeds 16 thousand, began using Bank SNORAS services. more »

Spain: in 2009 the EIB provided EUR 2.5 billion to finance SME and municipality projects

In 2009, the European Investment Bank (EIB) provided EUR 2.5 billion in 16 credit lines for financing the investment projects of SMEs (EUR 1 955 million) and local authorities (545 million) in Spain. more »

Euro coin counterfeiting in 2009

In 2009, the number of counterfeit euro coins removed from circulation was 172 100, down from 195 900 the year before. more »

Haiti Begins Participation in the IMF’s General Data Dissemination System

Haiti began participating in the International Monetary Fund’s General Data Dissemination System on December 28, 2009, marking a major step forward in the development of its statistical system. more »

In 2009 the price of Bank SNORAS shares grew by 163 per cent

According to the data of NASDAQ OMX Vilnius Stock Exchange, the price of Bank SNORAS registered ordinary shares grew by more than 2.5 times. more »

Commission clears proposed acquisition of Cadbury by Kraft Foods, subject to conditions

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Cadbury PLC of the UK by Kraft Foods Inc. of the US by way of public offer. more »

Changes in construction input prices in November 2009

Statistics Lithuania informs that construction input prices inNovember 2009, against October, dropped by 0.5 percent. more »