Capital Park receives EUR 77m funding for Polish project

Capital Park Group, a Polish property investment firm majority-owned by Patron Capital Partners, has secured a PLN 324 mln (EUR 77 mln) bank loan to finance the construction of its flagship Eurocentrum Office Complex in Warsaw.
In a statement this week, Capital Park said Bank Pekao has agreed to cover the majority of project costs while the remaining funds will be derived from the investor's own capital.

Last week Capital Park raised nearly EUR 24 mln from Polish institutional and private investors through a public bond issue aimed at financing the construction of its office projects in Poland. 'The agreement with the bank secures necessary funding for the project and allows us to proceed with construction work scheduled for the first phase (Beta and Gamma buildings) within the full scope envisaged by our agreement with the general contractor,' said management board member Marcin Juszczyk.

Completion of the 66,000-m² scheme, which is being marketed by C&W, is scheduled for the second quarter of 2014.

Founded in 2003, Capital Park manages a portfolio worth some EUR 300 mln.