Croatian city receives support from EBRD

For Pula, Croatia, there was one key aim for 2017/2018 and that was to grow. However, they needed support and this has now been received in the shape of the European Bank for Reconstruction and Development (EBRD). Along with the Enterprise Expansion Fund (ENEF), the EBRD will be investing €10 million in the development of a completely new entertainment and retail centre. As a result, both the ENEF and EBRD will become EECF equity holders. For the sole purpose of developing the retail and entertainment centre, Trgovacki centar Max Stoja d.o.o. has been recruited who are ultimately owned by EECF.

In terms of location, a brownfield cement quarry has been chosen which will see around 30,000 square metres of space used for both the centre and over 800 parking spaces. Since there is a lack of international standard retail facilities across Croatia, this is a big step for the country and should see many quality tenants take an interest which will boost the local market.

Based in western Croatia, Pula is seen as a seafront city and the largest within Istria. Not only is the city famous for the many Roman settlement remains that have been found, they also have a history for prehistoric excavations. As a result, they see a lot of tourists even though it houses just 60,000 people. Furthermore, Pula has also become an important port for the country.

EBRD Director for Property and Tourism, Claudia Pendred, has said “This project is important for Pula. The new retail and entertainment centre will help expand the tourism infrastructure and thus extend the tourism season by providing an additional entertainment offering at the destination.”

Over the years, the EBRD has built quite the relationship with Croatia just as it has done with many other European countries. In 1994, the first ever project was signed and there has been nearly 200 projects since amounting to over €3.5 billion in investment.