IN THE PRESS

CONSTRUCTION ON EUROCITY HAS BEGUN FOLLOWING GROUND BREAKING CEREMONY

Representatives from EuroCity Developments Limited, Jyske Bank (funding bank), AKS (project management), TSN (developer’s lawyers) and Chestertons (main agent and development consultant) congregated on site to watch the appointed contractor, Sacyr, break ground which is the traditional representation of the commencement of works.

Chairman of EuroCity, Evgeny Cherapakhov, told the audience that the development was set to provide its occupants an enviable combination of modern living in a truly connected lifestyle.  “EuroCity is a really exciting development for the area and for Gibraltar” he said.  “This type of development will benefit all of Gibraltar as we return ground floor private land to a retail amenity for everyone, and with modern residential facilities for the future occupants, whether owner occupiers or tenants.”

Jyske Bank signed lending terms with the developer last week to provide one of its largest ever funding facilities on the Rock, signalling a level of confidence in Gibraltar’s future despite the distraction of the Brexit negotiations.

Mike Nicholls, CEO of Chestertons and the development consultant mentioned the “quality of design, facilities and specification, as well as the central location”, as being the main drivers of the hugely successful sales launch last year which has seen some 175 properties exchanged ahead of the construction start.

Sacyr has now taken control of the site.