Slovak-based CEE developer HB Reavis has secured a EUR 32.9 mln bank loan for its office project River Garden Office in Prague - Karlín.
Slovak-based CEE developer HB Reavis has secured a EUR 32.9 mln bank loan for its office project River Garden Office in Prague - Karlín.
The five-year bank loan was granted by Erste Group's Czech subsidiary Èeská spoøitelna, and is Erste's first loan to the HB Reavis Group for a project outside Slovakia, said Peter Pecník, debt finance manager HB Reavis Group. 'We are pleased that in a time of current economic uncertainty and caution on both financial and debt markets we have managed to capitalize on our long-term relationship with Erste Group that we already have a proven track record with.'
River Garden Office is HB Reavis Group's third project in the Czech Republic and the developer's first office project in Prague. Earlier it completed two logistics projects in Lovosice and Ostrava-Monov. Scheduled for completion in April 2012, River Garden Office will offer 19,400 m2 of GLA in the fast-growing Karlín business district.
The project will be BREEAM certified as Very Good. The HB Reavis Group has introduced BREEAM 'green building' certification as an industry standard and applies it to its whole portfolio. At present the Group manages and owns assets worth more than EUR 1.3 bn in the region. Four projects worth a total of almost EUR 200 mln are currently under construction.
