EBRD lends EUR 13.5 million for retail park construction in Zemun

The EBRD said today in a release on its website that it would provide a €13.5 million loan to build a ground-breaking retail park in the Serbian capital.

The new park in the municipality of Zemun, on the right bank of the Danube, will improve the shopping experience for residents of this crowded suburb and will help introduce products at competitive prices to Belgrade’s shoppers.

It adds 15,309 square metres of retail space to the city and provides parking for 584 cars.

The project will be carried out by Jelmil d.o.o. and Konzulpro d.o.o., special purpose companies indirectly owned by Jerusalem Economy Ltd. and Industrial Buildings Corporation Ltd from the Fishman Group, a leading Israeli real estate group with a strong presence in the global market, it was specified in the release.

- Belgrade shoppers are clearly undersupplied, while retailers need more space - said Matteo Patrone, EBRD Director for Serbia, announcing the deal.

The new shopping development will attract well-known brands, some of which are expected to be new to Serbia, and become an expansion platform for retailers already operating in the market.

The shopping development will also bring top quality standards of energy efficiency to Serbia.

Claudia Pendred, EBRD Director for Property and Tourism said: “In all its property projects the EBRD makes sure that less energy is consumed. This retail park will feature the best available technologies, including thermal protection and building management systems which are beyond the local requirements. This will make business more competitive, sustainable and environmentally friendly, at the same time setting higher standards for other market players.”