JTRE receives EUR 105 million loan for new EUROVEA apartments
Construction of EUROVEA’s extension in Bratislava’s growing new centre by the Danube is progressing rapidly. The project has proven a huge success for residential purchases and likewise earned the trust of financial institutions: project developer J&T REAL ESTATE (JTRE) has recently received significant funding for the residential construction.
VÚB banka and UniCredit Bank have provided a EUR 105 million syndicated loan for the construction of EUROVEA’s extended residential part, which will include approximately 500 apartments in EUROVEA TOWER - Slovakia’s very first skyscraper - and waterfront EUROVEA RIVERSIDE residences. This loan is one of the highest granted for a Slovak development project in recent years. The renowned international law firm Dentons prepared the contract documentation.
"To secure such high funding during these turbulent times evidences the success of the EUROVEA expansion project. Banks’ confidence in JTRE reflects their well-founded belief that we will deliver responsible and diligent work on our projects. Our prime-location development projects provide buyers with higher added-value and positive emotion – as highlighted by the unprecedented interest in apartment purchases in both new EUROVEA residential buildings. We thank these banks for placing their trust in our team, our external collaborators and suppliers, as well as the project itself," said Pavel Pelikán, JTRE’s Executive Director.
Launched to market only last summer, 70% of EUROVEA TOWER and EUROVEA RIVERSIDE apartments have already been sold. Construction work broke ground in December 2019, and underground floors are currently being built – once the foundation slab has been completed the first Slovak skyscraper will start to reach into the sky.
"We’re delighted to be part of this unique residential project and - together with UniCredit Bank - show our trust in JTRE. We deem this project destined for success – and we wish future buyers every satisfaction," said Pavol Hajdu, VÚB banka’s Director of Structured Corporate Banking Products Department.
"UniCredit Bank is honoured to participate in this benchmark Bratislava project. The cooperation of three strong partners combined with architect Beth Galí’s people-first urban planning reflects the character of this contemporary project in an exceptional location," added Štefan Brychta, UniCredit Bank Czech Republic and Slovakia’s Director of Financing & Advisory SK.
As well as two outstanding residential buildings, the EUROVEA expansion project also includes two office buildings with 40,000 sqm combined leasable area, 25,000 sqm additional retail space, and 1400-car underground parking. A new 25,000 sqm waterfront park will environmentally expand the popular Danube promenade, and a new activity park will revitalise the area below Apollo Bridge. Pribinova Street will be lovingly transformed into a tree-lined city boulevard, and a lush square will welcome residents to the skyscraper’s entrance. The ribbon should be cut at the enlarged shopping centre in 2022, with the whole project completed in 2023.