Project to develop Major New Shopping Centre in Belgrade moves forward with EBRD approval


7 February 2013 – London – The European Bank for Reconstruction and Development (EBRD) has announced the approval of a €13.5 million loan to build a ground-breaking retail park in the Serbian capital.  The new park will be in the municipality of Zemun(pictured below), on the right bank of the Danube and will improve the shopping experience for residents of this crowded suburb.  The project will ultimately help introduce products at competitive prices to Belgrade’s shoppers.


The new shopping centre will add 15,309 square metres of retail space to the city and 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.

“Belgrade shoppers are clearly undersupplied, while retailers need more space,” saidMatteo Patrone, EBRD Director for Serbia, announcing the deal. “Our investment helps develop a more affordable retail format providing value for money to both consumers and retailers.”

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. Shoppers will enjoy higher quality products which they can buy at affordable prices close to home.  Creating new jobs and more room for shopping, the park will bring a more urban feel to a major suburb of the Serbian capital. The shopping development will also bring top quality standards of energy efficiency to Serbia.

“We strongly believe in the potential of the project, which will provide an innovative shopping experience in the area and contribute to employment improvement” said Moshe Morag, the CEO of Industrial Building Corporation.

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.”

The EBRD loan comes with a donor-funded €45,572 grant to review the Zemun retail park investment plan, identify opportunities for increased energy efficiency and enhance the sustainability of the business in the future.

The EBRD has previously invested in the construction of modern shopping malls in Split, Croatia, in Skopje, FYR Macedonia and in Surgut, a city in the heart of the oil-rich Khanty-Mansi Autonomous District in western Siberia, Russia.  Since the beginning of its activity in Serbia, the EBRD has committed over €3.0 billion across broad sectors of the economy.

For more information about EBRD projects in Serbia, go tohttp://www.ebrd.com/pages/country/serbia.shtml

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in central and eastern Europe and ex-soviet countries. Today the EBRD uses investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses. The EBRD invested €8.7 billion in 388 individual projects in 2012. For more information about the bank, visithttp://www.ebrd.com/index.htm

Based on EBRD news story by Olga Rosc