AllanSaundersonis managing editor of Property Finance Europe and acontributor to GlobeSt.com.

WARSAW-CEE/CIS commercial and residential developer Globe TradeCentre and Unibail Rodamco have finalised a €205-million loanagreement, partly for refinancing their 50-50 owned Polish shoppingmall, Galeria Mokotów in Warsaw. Net proceeds amount to some €120million.

GTC is controlled by emerging markets property, financialservices and infrastructure company Kardan, listed in Tel Aviv andEuronext Amsterdam. The financing, one of the largest in the CEEregion, was secured with a consortium of German banks. The term isfive years, with a 2-year prolongation option. Interest is based onthree-month Euribor plus 2.25%. The refinancing was based on avaluation of €378 million for Galeria Mokotów, reflecting aninitial LTV ratio of 54%.

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