GTC with €200-mln Warsaw mall refinancing

Image: GTC

Warsaw Stock Exchange-listed developer and investor GTC has secured up to €200 million in bank financing from Bank Pekao that it will use to refinance its Galeria Północna shopping center project in Warsaw. The company has previously obtained up to €116 million in bank financing from the same lender to develop the scheme. “Following the successful completion of Galeria Północna, this new debt facility further strengthens our funding sources and reduces our cost of funds as we continue to drive growth in Poland and CEE & SEE capital cities,” commented GTC’s CFO Erez Boniel. Located in the Białołęka district of the Polish capital, the Galeria Północna mall was opened for business in September this year. It comprises 64,600 sqm of leasable space.

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