Mayland Real Estate secured a €95m loan from Pekao and Bank Zachodni WBK for its Serenada retail center, currently underway in the city of Kraków. Hogan Lovell, Colliers International and Prospero Management LLP brokered the deal. Project costs are estimated at €140m, with €45m coming from Foncière Euris group and Mayland Real Estate. The project is already more than 50 percent pre-let to a number of tenants including Polish retailer Piotr i Paweł who will be center’s food anchor. The investor said that in accordance with current market trends, the food court offer will take more than 10 percent of GLA. This is the second time Pekao and BZ WBK backed a Mayland retail development. The lenders also provided funding for the developer’s Centrum Riviera.
“Serenada will become a fashion and leisure supplement to the retail offer in Kraków’s Olsza district, which currently comprises a hypermarket and a furniture store,” said Maciej Kiełbicki, managing director at Mayland Real Estate. Marek Koziarek, managing director of Pekao, the majority lender, added that the transaction is in line with the bank’s strategy to provide financing to the most recognized and experienced developers on the market.
