POSTBANK BECOMES THE SOLE BANK LENDER OF SOFIA SOUTH RING MALL EAD AFTER THE COMPLETION OF A MILESTONE TRANSACTION

 

 

POSTBANK BECOMES THE SOLE BANK LENDER OF SOFIA SOUTH RING MALL EAD AFTER THE COMPLETION OF A MILESTONE TRANSACTION

 

Sofia South Ring Mall EAD and Postbank announced that the bank - after successfully completing the purchase of shares from the other original participants - has become the sole owner of the syndicated loan facility issued in 2014 for the initial value of BGN 88 million. The completion of this transaction will enable Sofia Ring Mall to achieve highly improved terms of pricing, longer tenor, and additional funding, reflecting the performance acceleration of the project. The transaction was completed in November 2017.

 

Since the beginning of the year, Postbank has reported a significant increase in business loans amounting to almost BGN 440 million, and in the last quarter alone, the growth of total loans amounted to BGN 195 million to BGN 2.77 billion in total portfolio. 

 

‘Sofia Ring Mall is an impressive new generation commercial center developed in the most upcoming area of Sofia. “This transaction provides our client with competitive cost and extended maturity as well as additional financial resources in order to further develop their project. One of our main priorities in Postbank is to provide the corporate sector with quick and efficient packages of products and services tailored to their specific needs." said Assen Yagodin, Corporate Banking and Capital Markets  Executive Director in Postbank.

 

‘Sofia South Ring Mall EAD has found in Postbank not only the preferred financial institution but even more a true business partner.’ said Dimitris Papoulis, CEO of Sofia South Ring Mall EAD.’ This transaction delivers an extremely attractive package for our financial performance - we become more efficient, stronger and flexible for executing our ambitious business plan.’ And Mr.Papoulis added: ‘Apart from this milestone agreement, year 2017 is delivering an additional 12% increase in traffic flow over the +26% of 2016, that is followed by an equivalent increase in conversion for our retailers.

 

Throughout 2017 we present more than 25 new concepts, further enhancing the uniqueness of our entertainment, dining and fashion proposition. Moreover, we have recently signed an anchor tenant agreement with LLP group, for a full blown presentation in over 3.700m2 of all 5 of their retail concepts – Reserved, Mohito, Cropp, House and Sinsay – the last one being a new launch of the successful teen girl fashion concept for the Bulgarian market. Last but not least, during summer 2017, we were very satisfied to receive the news that the Municipality and the Sofia City Chief Architect are developing changes of the City Spatial Plan to include the Metro extension to our area. ‘