TriGranit takes a record loan

The Hungarian construction and development company TriGranit has taken a record-breaking loan since the financial crisis started. The firm has taken a 150-million-euro loan in order to finance its Arena shopping center project in the city of Zagreb. The creditors include six European banks - Intesa Sanpaolo (Italy), Erste Group (Austria), Hypo Investmentbank (Austria), Cassa di Risparmio della Repubblica di San Marino (San Marino), MKB Bank Zrt. (Hungary) and CIB Bank Zrt (Hungary). The loan guarantees that the project will be completed by the end of 2010.  The building is made up of 175, 000 sq m and will cost 244 million euro. Most of the retail units have already been rented by international and local tenants including Spar hypermarket and Blitz Cinestar cinema operator. The center will have 10 major tenants and more than 200 other shops, a 10,000-sq m hypermarket and a 9-hall cinema complex.