BUSINESS

ParkLake commercial centre secures financing for 2016 opening


* The EUR 180 M investment in the commercial centre has guaranteed financing + Over 200 stores covering a gross leasable area of 70,000 square meters, 23 restaurants, recreation areas and 14 Cinema City movie halls

The partners of the ParkLake commercial centre, a project developed in partnership by Sonae Sierra and Caelum Development, announce the signing of the financing agreement for the ParkLake Joint Venture commercial centre. The sum of EUR 83 M will be offered by a group of financers formed by OTP Bank PLC, OTP Bank Romania S.A. and Hypo NOE Gruppe Bank AG. OTP Bank PLC will have the role of agent and OTP Bank Romania S.A. the role of guarantee agent. The joint venture company was represented throughout the process by Nestor Nestor Diculescu and Kingston Petersen, and worked with CMS Cameron McKenna SCA as the financers’ legal consulting team.
Ingo Nissen, Sonae Sierra Managing Director responsible for development projects in Romania stated: “The signing of the final financing agreement is the result of a period of efforts made to ensure the proper conditions for investment in the project. It’s a natural and expected result in the development stage, which, together with the significant progress registered in the leasing out process, has boosted confidence in the success of this investment. We are very pleased that everything is assured for the 2016 opening, that the whole financing process has been finalized and a very significant part of the leasable area has already been leased.”
In his turn, Caelum Development CEO David Sharkey added: “It is not surprising at all that we are taking a step forward in developing the project, since the construction works are in a very advanced stage and they are within the timetable set for the 2016 opening. We are anxiously looking forward to reaching the maximum occupancy rate which, alongside the impressive design and architecture, will bring to Bucharest a unique commercial experience.”
The diversity of the tenants, which creates the most successful combination of international and national brands, combined with an amazing design, will make ParkLake one of the most sought-after commercial and recreational destinations in Bucharest.

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