Warsaw-listed developer-manager Echo Investment has secured €317 mln of debt in two refinancings with foreign banks Helaba, Berlin Hyp and ING.
In the largest of the two deals, Echo – which is majority owned by investors Oaktree and Pimco – has obtained an PLN 820 mln (€185 mln) loan from Helaba to refinance seven retail projects: Galeria Amber, Galeria Sudecka, Outlet Park Szczecin, Galeria Veneda, CH Echo, Galeria Olimpia in Belchatów and CH Echo in Przemysl.
In addition, Echo secured €132 mln from Berlin Hyp and ING to refinance Echo’s four office projects: Malta Office Park, Park Rozwoju, West Gate and A4 Business Park.
The loan with Helaba is the largest ever to be obtained by Echo. ‘When defining our portfolio of medium-size shopping centres, we thought about a bank which would appreciate its diversification, stability and our experience in smaller retail markets,' commented Grzegorz Iwanski, director of Echo Investment’s funding department.
