GTC secured an investment loan facility of up to €200m from Bank Pekao S.A. for its flagship retail project in Poland, Galeria Północna. Under the original agreement, the bank granted the developer a construction loan facility of up to €116m. Galeria Północna was completed on budget and attracted nearly 2 million visitors in its first two months. The project was completed within 25 months after GTC obtained the construction permit. Refinancing the Warsaw mall will provide GTC with substantial cash to accelerate further growth with no need to raise new equity.
