BIG Shopping Center has raised 55 million euros on the Israeli stock exchange

BIG Shopping Centers Ltd., the majority shareholder (~ 95%) of GREAT EEC, successfully raised 205 million shekels (about 55 million euros) by issuing covered bonds on the Israel Stock Exchange by refinancing the following shopping centers: BIG Fashion Kragujevac, BIG Kruševac and BIG Fashion Outlet Inđija.

The bonds have a weighted average maturity of 6.6 years (October 2029), they are not linked to any index and carry an effective annual interest rate of 1.495%, with a Loan-to-Value of 70%.

The bonds were sold primarily to leading Israeli institutional funds after demand for bonds through the bidding process rose to more than NIS 1 billion (around NIS 267 million). euros); namely, the demand exceeded the amount that BIG finally decided to increase by almost 5 times.

Photo: Saša Radojević

“We are very proud of the confidence that the Israeli market has shown in our exceptional, Serbian assets as evidenced by the excellent financing obtained by the Group ”, said Alon Bargiora, CFO, BIG CEE Serbia.

GREAT EEC The group is one of the main investors in commercial real estate, with a portfolio of nine shopping centers in Serbia and four other residential, office and logistics projects.