Bank notifies Equest of loan contract breach for Moldova Mall

Newsroom 23/03/2009 | 16:04

According to the investment fund, the breach is not expected to impact EBP's other assets or borrowing. Following the notification, Rivium Galeria Mall, the vehicle through which Equest owns the shopping center, and the bank engaged in discussions. EBP says it is not aware of any other pending breaches of financial conditions by EBP or any other subsidiary.
According to EBP, Moldova Mall represents 4 percent of EBP's net assets value. In 2006, EBP's subsidiary took out a refinance loan of EUR 81.12 million and used warranties such as Moldova Mall and City Center Sofia Mall, which was sold for EUR 101.5 million to Heitman European Property Partners III in 2008. In Romania, Equest is involved in several projects such as Vitantis Retail Park, acquired in 2006 for EUR 31.2 million. A year later, the fund contracted financing of EUR 37.8 million from the Austrian bank Creditanstalt in order to complete the development.

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