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East Gate Mall Skopje to be opened fall season 2021 - financing is finalized



July 31, 2020, 10:46 (PX Newswire)

A syndicated loan agreement of 72 million euros has been signed to finance the construction of East Gate Mall Skopje, a real-estate investment project of Balfin Group Albania in Skopje. East Gate Mall is one of the most modern shopping centers in the Balkan region. It is a 103 million euros investment project located on the former fairground of Skopje. The syndicated loan was financed from NLB Group, Komercijalna Banka Skopje, Raiffeisen Bank Albania and Halk Bank Skopje.

According to Mr. Igor Davkov, CEO of East Gate Mall: “We are signing the largest amount of bank financing ever signed in Macedonian history, when it comes to project financing of an investment from the private sector. With the signing of this agreement, Skopje East Gate closes the financial construction of the investment in the shopping center, in the amount of over 103 million euros, which financially completes the first phase of the entire project.”

East Gate Mall is part of the modern and contemporary multipurpose complex Skopje East Gate which, in addition to a shopping center, will feature a residential complex and an office park with a total area of 500,000 sq. m. The project aims to introduce new and modern standards of urban living and working.

The shopping center as an investment that covers a total usable rental area of about 57,000 m2 with 250 tenants (individual premises for rent) is envisioned to completely change the image of the Macedonian retail industry. Namely, the shopping center on the retail market in Skopje will bring over 20 new world fashion brands on a retail area of over 20,000 m2 or approximately 40% of the total area for renting the shopping center; will enable the opening of trade units that in their format and size correspond to the format and size in which the biggest fashion brands open stores in world capitals, and thus provide a completely different quality and quantity in the offer to the end consumer.

Over 150 tenants have signed commercial terms and lease agreements with East Gate Mall, so by today, more than a year before the opening of the mall, over 80% of the mall is leased with confirmed commercial terms from the tenants.

East Gate Mall Skopje is subsidiary of Balfin Group Albania, one of the most financially powerful investment groups in the Balkans. The shopping mall is scheduled to be opened in fall 2021.


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