Polish developer Echo Investment Capital Group has concluded a EUR 50 mln credit agreement with German real estate bank Eurohypo to refinance the building costs of the Park Postepu office project in Warsaw.
Polish developer Echo Investment Capital Group has concluded a EUR 50 mln credit agreement with German real estate bank Eurohypo to refinance the building costs of the Park Postepu office project in Warsaw.
The credit shall be transferred in five instalments, by 30 September 2010. The final term of the credit repayment is 31 January 2020.
Echo's financial director Grzegorz Iwanski said the agreement was the largest credit transaction in the Polish real estate market this year.
Eurohypo's transaction manager Dariusz Salamonowicz added: 'Echo Investment is our proven partner, with whom we have been co-operating for many years, basing on mutually elaborated standards. The total amount of credits granted to Echo Investment Capital Group exceeded EUR 350 mln'.
'Park Postepu has all the features which, from the point of view of the bank, guarantee safety of a transaction: very good localisation, appropriate quality of architecture and workmanship, proper level of advancement of execution and lease of the project and also stable leaseholders.'
