EBRD mulls EUR 13.5mn loan for retail park in Serbia.

By bne IntelliNews October 15, 2012
The EBRD said it is providing a EUR 13.5mn loan to finance the construction of the first phase of a retail park in the Serbian capital Belgrade. The park, to be located in the Zemun ara, will have a net leasable area of 15,300 square metres and 385 parking slots, the EBRD said in a statement. The project, which overall cost totals EUR 25.5mn, will be carried out by the local units of Israeli real estate firms Jerusalem Economy Ltd. and Industrial Building Corporation Ltd. The EBRD loan is pending a final review with board date scheduled for November 13. The retail park is expected to facilitate the expansion of retailers into the Belgrade market, which is still at an early stage of development with a per capita modern retail stock at only 20% of the average in other CEE capitals, the EBRD said.

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