ECE secures long-term refinancing for Arkády Pankrác Prague
Hamburg-based commercial real estate developer ECE Projektmanagement has succeeded in refinancing a significant share of its 25 percent equity investment in the Arkády Pankrác Prague on a long-term basis.
German real estate financing bank Berlin Hyp is providing a total of €20 million (Kč 517 million) in dept capital. Arkády Pankrác was developed by ECE and opened in November 2008. “This refinancing shows that the banks are fully confident in our projects even during the financial crisis. After having successfully concluded the financing of new construction projects in Germany (Oldenburg, Dortmund), the refinancing of Arkády Pankrác is a special achievement, as it affirms the positive signals from our Eastern European neighboring countries,” said Alexander Otto, CEO of ECE Projektmanagement.