EBRD provides $139.3M loan for three shopping centres in Ukraine

Reuters Loan Pricing Corporation
March 28, 2008

The European Bank for Reconstruction and Development (EBRD) announced on Friday it has provided a $139.3 million senior term loan to back the design, development, construction, ownership and operation of three modern shopping centres in the Ukrainian cities of Kiev, Krivoy Rog and Simferopol.

The borrowers are CJSC Ukrpangrup, CJSC Grandinvest and CJSC Livoberezhzhiainvest, three Ukrainian SPCs. The sponsor is Expert Capital, a property developer registered in Luxembourg.

The financing consists of a $47.66 million, 10-year A loan provided by lead arranger EBRD, and a $91.65 million, 10-year B loan that was provided by Erste Bank ($49.66 million) and Cordiant Capital ($22.31 million).

The total estimated project cost is $163.9 million of which the sponsor is providing 39% in equity.