Atlas pinpoints EUR 54m bank facility

Atlas Estates has obtained a EUR 54mln loan from the Polish division of Raiffeisen Bank for the construction of the Platinum Towers residential development in Warsaw.

Atlas said the loan is secured against the Platinum Towers which are under construction and are scheduled for completion in late 2009 and early 2010. The development adjoins the Hilton Hotel and Convention Centre in the Wola district of the Polish capital.

The two towers will provide 26,000 m² of accommodation space divided over 391 apartments. The 22-floor scheme will also house commercial units at ground level. Residents of the towers will be able to use the facilities in the Hilton Hotel.

Back in July Atlas announced it had refinanced its Hilton Hotel and Convention Centre in Warsaw by extending a facility with Investkredit Bank from EUR 51.4mln to EUR 65mln. Subject to certain conditions the facility will be increased to EUR 75mln.

Quentin Spicer, chairman of Atlas, said: 'The company has strong relationships with the banks and this is a vital competency to ensure the continued successful development of the business'.

Altas is a Guernsey incorporated company that is listed on London's junior AIM market and on Warsaw Stock Exchange. The company currently operates in Poland, Hungary, Slovakia, Bulgaria and Romania.

At end-December 2007 the total portfolio was valued at EUR 508mln, a 61% increase on the previous year.