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Loan agreement for construction of Galeria Młociny

Galeria Młociny

Echo Investment and EPP (Echo Polska Properties) have concluded a loan agreement worth EUR 175 mln and a VAT loan of PLN 34 mln with Bank Zachodni WBK S.A. as an agent as well as PKO Bank Polski S.A. and Bank Gospodarstwa Krajowego. The acquired funds will be used for the construction of Galeria Młociny in Warsaw. The loan was granted for the construction period and a five-year investment period.

Galeria Młociny is a shopping and office centre with a combined leasable area of 82,000 sqm, 71,000 sqm of which is earmarked for retail, entertainment and gastronomy. The facility is planned to include a modern cinema, a fitness club, an extended food-court as well as a medical centre. The mall is 60 pct leased already. Its key fashion brands include the Inditex group as well as: Van Graaf, H&M, C&A, CCC, Sephora, Douglas, Intermarche, MediaMarkt Saturn, RTV Euro AGD, Go Sport, Martes Sport, SMYK and CINEMA 3D as well as the Calypso fitness club. The construction of the first stage started in October 2016 and the completion is planned for Q1 2019. 

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