Bank Austria financing Citygate Shopping Center
Bank Austria is providing the financing for the Citygate Shopping Center, part of the innovative urban development project of the same name. The borrower is Citygate Shopping GmbH, a subsidiary of Stumpf Group. The transaction was closed in April. The financing volume totals EUR 35 million.
The Citygate Shopping Center will be built in the heart of the new Citygate urban quarter on the site of the former Brachmühle in Floridsdorf, directly adjacent to the U1 metro station Aderklaaer Straße at Wagramer Straße 195. The innovative urban development concept for Citygate is based on the idea of a 'city within the city' and offers not only subsidised and privately funded rental flats for roughly 3,000 tenants, but also all of the necessary infrastructure, including a nursery school, a school campus nearby and the Citygate Shopping Center. The shopping centre is scheduled to open in the first quarter of 2015. With a useable area of 17,850 square metres, it will offer around 50 shops and restaurants as well as 735 parking spaces. The occupancy rate is already around 85 per cent.
"This shopping centre stands out thanks to its modern design and its premium location in the new Citygate urban quarter," emphasised Reinhard Madlencnik, head of Real Estate at Bank Austria. "We are pleased to be financing this remarkable retail property and thereby expanding our successful partnership with Stumpf Group."
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