GTC refinances Galeria Jurajska with €130m loan

One of GTC's largest assets, Galeria Jurajska in Poland's Silesia region, has been refinanced with a new €130 mln loan with a five year term.

The facility, signed at 'attractive' but undisclosed conditions, effectively frees up €40 mln in cash for GTC, the company said in a statement. It was agreed with Erste Group Bank and Raiffeisen Bank.

Opened in 2009, Galeria Jurajska is fully let and offers 200 stores, service points, restaurants and multi-screen cinema placed on 48,700 m2.

'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.

GTC is a CEE developer-investor listed in Warsaw and with a portfolio consisting of 46 commercial buildings providing 746,000 m2 of lettable office and retail space in Poland, Budapest, Bucharest, Belgrade,?Zagreb and Sofia. In addition, GTC has a development pipeline of 336,000 m2 across CEE.

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