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TriGranit completes €400 mln refinancing of Budapest shopping center

Hungarian property developer TriGranit said it closed a €400 million refinancing agreement for Budapest's WestEnd City Center with a consortium of banks led by Pfandbriefbank.

Most of the banks in the consortium also participated in the financing of the shopping center in 1999, said TriGranit chairman Sándor Demján.

The consortium includes K&H Bank, MKB Bank, OTP Bank and Unicredit Group.

Including the refinancing agreement, TriGranit has signed contracts for bank credit of a combined €800 million during the global financial crisis. The other half has been used for developments, such as ones in Krakow and Zagreb.

TriGranit has completed projects worth more than €2 billion and it is working on or planning projects worth a further €4 billion. (MTI – Econews)