Ghelamco seals EUR 60m financing for two Polish office projects

International developer Ghelamco has concluded a EUR 60 mln project financing with Bank Pekao for the construction of two office projects, one in Warsaw and the other one in Katowice.

The Crown Square building in Warsaw will offer 17,000m² of class-A office space between Prosta and Przyokopowa Str. and will be completed in the first quarter of 2010. Crown Square is the third project in this location after successfully leasing out the adjacent Crown Point and Crown Tower office projects.

Katowice Business Point will comprise 17,000 m² class-A office on Chorzowska Street and will be completed in the third quarter of 2010.

Ghelamco has already developed over 300,000 m² of office space over the last five years in Poland and presented in 2008 a net profit of EUR 212 mln.

Bank Pekao, a member of UniCredit Group, is the leading bank in Poland.

Justyna Kædzierska-Klukowska, deputy director of Commercial Real Estate Team at the Bank says: 'Currently, Bank Pekao SA is one of really few banks being able to finance new commercial real estate projects. Obviously, our approach is extremely selective. We are focused on the best projects and strongest partners with adequate track record and excellent history of cooperation with the Bank.'

Clifford Chance and Salans acted as advisers for the parties during the financing deal.