Rodamco Europe becomes 50 per cent owner of Galeria Mokotów

Rodamco Europe and Globe Trade Centre concluded the agreement on the transfer of management and 50 per cent interest in the retail centre Galeria Mokotów, in Warsaw, on June 30th. Rodamco will manage the property on behalf of both owners from this month and the parties have agreed to co-operate on GTC's future retail projects in Poland. The purchase of the shares has finalized an agreement of October 11th last year, which provided for the sale of the 50 per cent stake, at a cost of USD 165 mln.

Little enthusiasm yet for government's mortgage loan

The mortgage loan established by the Polish government, which is available at a fixed interest rate of 6.5 per cent, has not attracted the expected levels of custom as yet. Only a few people have so far applied for the loan, which two banks, BPH PBK and BZ WBK, are handling. Experts have been reported as saying that the loan's lack of popularity is because potential clients are disallowed from acquiring property on the secondary market, it is only repayable over a period of twenty to twenty five years and other banks offer more competitive rates of interest.