Hyprop Investments Ltd.'s Hystead Ltd. joint venture secured a €164 million loan that it will use to refinance an existing loan and for the refurbishment of three shopping centers.

The sum comprises a €104 million loan provided by the International Finance Corp. and €60 million from European Bank for Reconstruction and Development, according to a release. Hyprop said the loan will help boost the retail sector of Serbia, Montenegro and Macedonia.

Aside from refurbishing the shopping centers in Skopje, Macedonia, and Podgorica, Montenegro, to adopt eco-friendly features at the properties, Hystead also intends to use part of the loan to develop a platform that will support retail property growth in Eastern Europe and help grow local companies in the western Balkan region that own and operate commercial properties, among other uses.