Echo Investment and Echo Polska Properties secured €175m as well as a PLN 34m VAT loan from Bank Zachodni WBK S.A., PKO Bank Polski S.A. and Bank Gospodarstwa Krajowego. The funds will finance the construction of Galeria Młociny in Warsaw. The loan was granted for the construction and a five-year investment period. Galeria Młociny is underway in Warsaw’s Bielany district and will offer 82,000 sqm of leasable space. Construction started in October 2016, with completion scheduled for the beginning of 2019. The project is currently 60 percent leased. Main tenants include CCC, Sephora, Douglas, Intermarche, Media Markt Saturn, RTV Euro AGD, Go Sport, Martes Sport.
