Montenegro Mall

completed

Mall Montenegro Project (the project or the Mall) is a private-public partnership project developed jointly by Gintas Construction Contracting & Trade Company, Turkey (Gintas, Sponsor) and the Municipality of Podgorica, Montenegro (the Municipality). The Mall will be developed by Gintas’s subsidiary company established in Podgorica “Gintasmont” and it will be the first multi-functional shopping mall development in Montenegro and will introduce new standards and best practices of modern shopping mall concept in the country. Total project cost is approximately €30.7 million, and IFC has been asked to provide a financing package of up to €10 million. The project will be developed on an existing “bazaar” site called ‘Velika Pijaca’, on a 22,373 sq.m. property, and built-up construction area will be 58,484 sq.m. Once complete, the Mall will accommodate leaseable surface for hypermarket, large stores, retail shops, office spaces. The shopping mall will offer 4 screen cinema, entertainment facilities, outdoor entertainment square, open and covered car parking, food court, restaurant and cafés. The project will be developed in three phases: In the first stage (Phase I), the Municipality has already torn down the sprawling old “bazaar” in the proposed site, and has constructed a more compact new “Green Bazaar” where the Municipality will be the owner, landlord and the operator. The New Green Bazaar is relevant to the Project such that Gintasmont is doing work to set it up for the Municipality, and will receive the land and the communal tax for Phases II and III on successful completion of Phase I. The second phase (Phase II) is to extend the shopping centre facilities creating larger shopping area, activity area, cinemas and is expected to be completed by September 2008. The cafés and large stores to be established shall be owned and operated solely by Gintasmont. The third phase (Phase III) will mostly consist of the shopping mall with food-court and other retail units. The shopping mall will be completed in September 2009 and shall be owned and operated solely by Gintasmont