Central European Estates and its partners have obtained a €15 million five-year loan from a European bank to build a mall in Novi Sad.
Central European Estates NV (CEE) (TASE:CNERO.B1), owned by Yuli Ofer, and its partners have obtained a €15 million five-year loan from a European bank to build a mall in Novi Sad, Serbia. The company also obtained a €2.5 million loan from the bank to finance the VAT, which will be repaid during construction.
The loan bears Eurobor monthly rate + 5.25% interest, which will be paid monthly. The company will only make interest payments for the first two years of the loan period, and will make interest and principal payments during the subsequent three years. The bank received a priority lien on the land for the mall and on company shares.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2011
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