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SLOVAKIA EUR 105 mln loan for Eurovea extension

Investment & finance
J&T Real Estate has obtained a EUR 105 mln syndicated loan from VÚB banka and UniCredit Bank for the construction of the residential section of the extension to its large-scale Eurovea mixed-use development in Bratislava.

This is the largest credit facility issued for a Slovakian residential project in recent years. Law firm Dentons prepared the documentation of the contract.

The loan will be used to finance to the continuing construction of the 500-apartment Eurovea Tower (Slovakia’s first skyscraper) and the Danube waterfront Eurovea Riverside residences. Work on both projects began in December 2019 and has now reached the stage of the construction of the underground floors. Around 70 pct of the apartments in the two projects have already been sold.

To secure such a significant amount of financing during these turbulent times is confirmation of the success of the Eurovea expansion project. The banks’ confidence in JTRE reflects their well-founded belief that we will work responsibly and diligently on our projects. Our prime location projects generate higher added-value and positive feelings for buyers – as highlighted by the unprecedented interest in apartment purchases in both new Eurovea residential buildings.
Pavel Pelikán, JTRE’s executive director

As well as the two residential projects, the expansion Eurvoea also includes two office buildings with a combined 40,000 sqm of leasable space 25,000 sqm, additional retail space in the Eurovea shopping centre, underground parking for 1,400 vehicles, a new 25,000 sqm waterfront park, and a new activity park. The extension to the shopping centre should open in 2022, with the entire project to be completed in 2023.

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