CEE property developer-investor HB Reavis announced this week that it has secured Poland’s largest ever funding for a single asset for its landmark Varso Place project in central Warsaw.
A syndicate of four banks granted a €475 mln loan secured by the mixed-use scheme which saw the last stage - Varso Tower - delivered in 2022. The bank consortium comprises Santander Bank Poland as loan agent and underwriter (€165 mln), Bank Pekao as collateral agent (€85 mln), as well as Helaba (€125 mln) and Berlin Hyp (€100 mln) as original lenders.
The refinancing has the increased value of the original loan from €350 mln to €475 mln.
Varso Place was built next to the Warsaw Central Station. The three buildings offer a total of 144,000 m2 of leasable space, including offices, a hotel, an innovation hub and retail units. The Breeam Outstanding and Well Gold scheme includes the 310-metre Varso Tower designed by Foster + Partners.
‘In challenging times, we remain a stable and reliable partner for the leading financial institutions in the region. This bodes well for the launch of the new projects we are planning in key markets in Poland, the UK and Germany. We are convinced that, like Varso Place, these will be first-class investments and a benchmark in the market in terms of quality, sustainability solutions and tenant portfolios,’ said Peter Pecnik, a member of the management board and group CFO of HB Reavis.
