€98m loan for Multi Development’s New Karolina

There were indications even last year that financing was on the way for Multi Development’s huge project in the center of Ostrava, but it’s now been announced that a syndicate of banks has agreed to finance New Karolina Shopping Center. Ceska Sporitelna, CSOB, HYPO Investmentbank AG, and KBC Bank signed off on the five-year loan. According to the press release which revealed the news, CSOB is the coordinating bank and security agent for the loan, while Ceska Sporitelna will be the facility agent. Construction halted just after it began in the wake of the Lehman Brothers collapse, after Multi Development revealed it had been unable to secure financing for the planned 90,000 sqm mall.

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