ECE and WestImmo agree financing of large-scale project

The construction works for the shopping center “Árkád” in the South Hungarian city Szeged are making fast progress: on Tuesday, August 24, 2010, ECE laid the foundation stone for the new inner-city shopping gallery in the presence of numerous city officials. Moreover, ECE and Westdeutsche Immobilienbank AG signed a loan agreement for the construction of the shopping center. The loan amounts to up to 74 million euros. The overall investment volume of the project adds up to more than 100 million euros. The Árkád Szeged is thus one of the currently largest externally financed construction projects in Hungary. “Our cooperation with WestImmo is a positive signal and shows that well-designed retail projects such as the Árkád Szeged can also be realized in the current financial market crisis,” says ECE CEO Alexander Otto.