The EBRD is providing a €13.5 million loan to build a ground-breaking retail park in the Serbian capital.
The new park in the municipality of Zemun, on the right bank of the Danube, will improve the shopping experience for residents of this crowded suburb and will help introduce products at competitive prices to Belgrade’s shoppers.
It adds 15,309 square metres of retail space to the city and provides parking for 584 cars.
The project will be carried out by Jelmil d.o.o. and Konzulpro d.o.o., special purpose companies indirectly owned by Jerusalem Economy Ltd. and Industrial Buildings Corporation Ltd from the Fishman Group, a leading Israeli real estate group with a strong presence in the global market.
“Belgrade shoppers are clearly undersupplied, while retailers need more space,” said Matteo Patrone, EBRD Director for Serbia, announcing the deal. “Our investment helps develop a more affordable retail format providing value for money to both consumers and retailers.”
The new shopping development will attract well-known brands, some of which are expected to be new to Serbia, and become an expansion platform for retailers already operating in the market. Shoppers will enjoy higher quality products which they can buy at affordable prices close to home.
Creating new jobs and more room for shopping, the park will bring a more urban feel to a major suburb of the Serbian capital.
“We strongly believe in the potential of the project, which will provide an innovative shopping experience in the area and contribute to employment improvement” said Moshe Morag, the CEO of Industrial Building Corporation.
The shopping development will also bring top quality standards of energy efficiency to Serbia.
Claudia Pendred, EBRD Director for Property and Tourism said: “In all its property projects the EBRD makes sure that less energy is consumed. This retail park will feature the best available technologies, including thermal protection and building management systems which are beyond the local requirements. This will make business more competitive, sustainable and environmentally friendly, at the same time setting higher standards for other market players.”
The EBRD loan comes with a donor-funded €45,572 grant to review the Zemun retail park investment plan, identify opportunities for increased energy efficiency and enhance the sustainability of the business in the future.
The EBRD has previously invested in the construction of modern shopping malls in Split, Croatia, in Skopje, FYR Macedonia and in Surgut, a city in the heart of the oil-rich Khanty-Mansi Autonomous District in western Siberia, Russia.
Since the beginning of its activity in Serbia, the EBRD has committed over €3.0 billion across broad sectors of the economy.