25. Februar 2010 
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Multi Development restarts construction of new Karolina
Multi Development Czech Republic today announced the restart of construction of its major inner-city development in Ostrava. Construction workers are now returning to the large site in the city centre. This follows Multi’s recent announcement of closing the funding deal of €99Million through a syndicated loan from 4 banks. With this restart, Multi has succeeded in continuing with the project after a one year break caused by the financial crisis.
“We are delighted to have achieved this restart to construction after having concluded successfully the deal with the funding banks, especially in the current economic environment. This confirms the exceptional power and solid nature of the New Karolina project and demonstrates that there is space for this good strong project developed by Multi. New Karolina will touch everyone’s heart” said Luboš Koèí, CEO of Multi Development Czech Republic.
New Karolina in Ostrava is one of the largest urban development and revitalisation projects in the Czech Republic. Within the total 32ha site, the first of 4 planned phases comprises of a 57,000 sq m Shopping and Leisure Centre with a unique architectural and design concept, an Office building of 23,000 sq m, a Residential building with approximately 200 apartments and two historic buildings reconstructed to fulfill modern functions, all set in a newly built infrastructure with carefully planned public spaces. With total investment of over €200Million; phase 1 will be completed in spring 2012.
Ronald Dasbach, Managing Director of Multi Development for Central Europe commented: “Five years ago, Multi took the conscious decision to focus on projects in the hearts of cities, where assets are less vulnerable to commercial risks. Here, the often broken or incomplete urban network can be successfully completed, bringing people and life back into the historic centres of European towns. Multi is fully committed to the Central European region and is planning further investments in Czech Republic, Slovakia and Poland.“
“We are delighted to have achieved this restart to construction after having concluded successfully the deal with the funding banks, especially in the current economic environment. This confirms the exceptional power and solid nature of the New Karolina project and demonstrates that there is space for this good strong project developed by Multi. New Karolina will touch everyone’s heart” said Luboš Koèí, CEO of Multi Development Czech Republic.
New Karolina in Ostrava is one of the largest urban development and revitalisation projects in the Czech Republic. Within the total 32ha site, the first of 4 planned phases comprises of a 57,000 sq m Shopping and Leisure Centre with a unique architectural and design concept, an Office building of 23,000 sq m, a Residential building with approximately 200 apartments and two historic buildings reconstructed to fulfill modern functions, all set in a newly built infrastructure with carefully planned public spaces. With total investment of over €200Million; phase 1 will be completed in spring 2012.
Ronald Dasbach, Managing Director of Multi Development for Central Europe commented: “Five years ago, Multi took the conscious decision to focus on projects in the hearts of cities, where assets are less vulnerable to commercial risks. Here, the often broken or incomplete urban network can be successfully completed, bringing people and life back into the historic centres of European towns. Multi is fully committed to the Central European region and is planning further investments in Czech Republic, Slovakia and Poland.“
