The gears of finance are slowly starting to move in Central and Eastern Europe, at least at Expo Real. Earlier today at the annual property conference in Munich, Polish developer Echo Investment announced it had wrapped up a €100m credit agreement with Eurohypo to finance the construction of Echo Gallery, its shopping center in the southeastern Polish city of Kielce.
The deal represents the biggest transaction of its type on the Polish market this year, and one of the largest in the CEE region, according to Echo.
“The bank’s decision heralds, in my opinion, the change of attitude of financial institutions to projects in phase [sic] of construction and planning. Though banks’ requirements still are very rigorous and negotiations are incomparably harder than before the crisis, it seems that financiers understand and appreciate the needs of stable developers on this difficult market. … This is very good news for all well-prepared commercial projects in the pipeline.” — Grzegorz Iwañski, director of Echo’s financing department