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EBRD supports business and retail development in Bratislava
The European Bank for Reconstruction and Development (EBRD) undertook its first project in support of central and eastern Europe’s retail and leisure industry today, providing a EUR 51.7 million loan to Polus Inv s.r.o. The financing will be used to construct and operate a retail, entertainment, office and parking facility in Bratislava, in the Slovak Republic.
"Because the Polus Centre encompasses business services, such as office space, and leisure services, such as shops, restaurants and a cinema, it will simultaneously promote several key areas of the local economy," said Edgar Rosenmayr, Director of the EBRD’s Property, Tourism and Shipping Team. "It will create significant job opportunities. Furthermore, the availability of retail and office space is currently limited in Bratislava, so rents are high, making it difficult for start-up businesses. By expanding the availability of rental space, costs will come down and this will encourage the retailers and new small businesses to enter the market. The centre will provide fundamental support to the growth of Bratislava as a capital city."
The Polus Centre will be built on the Vajornska road in the Nové Mesto region of Bratislava and will occupy an area of 57,300 sqm. The loan will comprise an "A" loan portion of EUR 23.0 million for the Bank’s own account, and a "B" loan portion of EUR 28.7 million for the participating banks. These include Austria’s Raiffeisen Zentralbank Osterreich SG (RZB) and several other affiliate banks in the Raiffeisen group.
Polus Inv. s.r.o. is entirely owned by TriGranit (Bratislava) B.V., which is itself a joint venture owned by TrizecHahn Corporation (TrizecHahn) and Polus Investment Company (PIC). TrizecHahn, a Canadian firm, is one of North America’s largest publicly held property companies. PIC is a regionally based property company specialising in investments in central and eastern Europe. Through TriGranit, TrizecHahn has already successfully completed two projects in the region, the Bank Centre and the Polus Centre, both located in Budapest, Hungary.
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