PGI Secures €40 million funding in Slovakia

23rd july 2010

‘Financial support is testament to the project and confidence in team behind it’ says firm’s Managing Director

Parker Green International has secured one of the largest loans of its kind in Slovakia this year.  The funding, in excess of €40 million, will help to finance the first phase of a new €100 million shopping centre project in Trnava in Slovakia.

The announcement shows significant confidence in the capabilities of Parker Green from the lead bank in the syndicate Slovakia’s Slovenska Sporitelna which is owned by Erste Bank in Vienna and the other participant bank VUB in Austria which is owned by Intesa Sanpaolo in Italy.

Dr Gerard O’Hare CBE, Managing Director of Parker Green International said, “We have been working on the development project for Trnava Park Shopping Centre since we acquired the site in 2008 and have every confidence in the project. Trnava is 30-40 minutes drive from Slovakia’s capital, Bratislava, where we have our central European office. It is a vibrant university city which is also the location of the largest ever foreign investment in the country by Peugeot Citroen Group, which in the last 2 years have created 3000 jobs, close to our site. The area is however, currently under-provided in terms of retail.

“Plans are now in place to commence work on site in September 2010 with the opening of 90 stores in Phase One in November 2011. Tesco has signed as the anchor tenant and many other top European brand names are among the other 80% of available space either already signed or in advance negotiations.”

Dr O’Hare  CBE continued, “I believe that this financial support is a testament to the project and a sign of confidence in the team behind it. Without financial stimulus for commercially sound companies such as Parker Green, it is impossible to support large projects like Trnava Park Shopping Centre.  This will also offer economic stimulus for the area and will reap dividends throughout the country with 2,000 new jobs at the completion stage and many hundreds created during construction.”

Radoslav Jakab, Head of Real Estate Finance Department for Slovenska Sporitelna Slovakia said, “Slovenska Sporitelna is delighted to be working with Parker Green International on this exciting project. The company has a proven track record in shopping centre development and has great plans for Trnava Park.  Trnava is one of the most dynamically developing areas of Slovakia and from this site located on a main highway network the centre will serve a number of cities in the region and provide many jobs for local people."