Property
Gránit Pólus secures EUR 335 million loan for Budapest shopping centre
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Gránit Pólus has inked a EUR 335 million (more than HUF 100 billion) credit deal with a syndicate consisting of Erste Group Bank AG, Erste Bank Hungary Zrt., UniCredit Bank Hungary Zrt., UniCredit SpA and K&H Bank Zrt. in order to refinance existing loans and provide a capex credit line for WestEnd City Center.
WestEnd City Center is one of Hungary's best performing and most popular shopping centres, with more than 20 million visitors per year. The mixed-use development scheme consists of a 47,000 sqm retail area, a 16,000 sqm Class A office complex and a 5-star Hilton Budapest City Hotel.
Karin Schmidt-Mitscher, Head of Group Commercial Real Estate and Leasing division at Erste Group Bank AG, called it “a landmark transaction in the Hungarian real estate market", adding that “this commercial real estate deal also shows that growth in Hungary's economy is picking up and consumer interest is on the rise."
The transaction attests once again that after long years of hardships, credit institutions are now willing to finance high-quality real estate. Lenders often compete on the Hungarian market for the financing of the best projects.
WestEnd City Center is one of Hungary's best performing and most popular shopping centres, with more than 20 million visitors per year. The mixed-use development scheme consists of a 47,000 sqm retail area, a 16,000 sqm Class A office complex and a 5-star Hilton Budapest City Hotel.
Karin Schmidt-Mitscher, Head of Group Commercial Real Estate and Leasing division at Erste Group Bank AG, called it “a landmark transaction in the Hungarian real estate market", adding that “this commercial real estate deal also shows that growth in Hungary's economy is picking up and consumer interest is on the rise."
The transaction attests once again that after long years of hardships, credit institutions are now willing to finance high-quality real estate. Lenders often compete on the Hungarian market for the financing of the best projects.
