A NEWRY property company has secured a multi-million pound loan to develop a shopping complex in Slovakia.
Parkergreen International – the company behind The Quays shopping centre will begin work on the site in Trnava near Bratislava in September.
Two banks, based in Slovakia and Austria, have agreed to lend the firm £34m for the project.
Parkergreen managing director Dr Gerard O'Hare said the financial support is a sign of confidence in the team behind it.
“Without financial stimulus for commercially sound companies such as Parkergreen, it is impossible to support large projects like Trnava Park shopping centre,” he said.
“This will also offer economic stimulus for the area and will reap dividends throughout the country with 2,000 new jobs at the completion stage and many hundreds created during construction.”
Parkergreen is the company hoping to buy the Albert Basin in Newry for which it has submitted a £10m bid.
Although initially rejected by council, the offer is now being considered after the Democrat revealed that councillors had not seen the proposal prior to making their decision.
If the Parkergreen bid proves successful, the firm proposes creating a mixed-use development on the land, including community facilities, open space, retail, leisure and employment opportunities.
Councillors met on the matter yesterday and a final decision is due to be taken at the next monthly meeting of council on Monday.