German property lenders Helaba and pbb Deutsche Pfandbriefbank have provided a €177 mln refinancing facility to developer and investor CTP for an industrial park in the Czech Republic.
Helaba and pbb acted as co-arrangers for the loan to CTPark Bor, ranked as the largest industrial park in central Europe.
The loan is being financed in a club deal, with each partner providing 50% of the facility, and Helaba acting as agent. The transaction was closed in April 2017, with a term of seven years.
The facility will partially refinance nine logistics properties totalling 393,000 m2 of space, with potential for further development at the site. CTPark Bor is located 15 kilometres from the Czech-German border.
Radek Zeman, chief financial officer at Prague-based CTP, said: 'We began development at CTPark Bor in 2005/2006, and until now have developed a total rentable area over 390,000 m2. Planned future development will enlarge the park by 210,000 m2 to reach a total built-up area of approximately 600,000 m2.'
'The park accommodates a large portfolio of international clients, such as Bridgestone, Primark and TechData, active in both production and logistics and serving their customers in Northern France, Germany and CEE. We are very pleased that our long-term cooperation with these two strong financial partners (Helaba and pbb Deutsche Pfandbriefbank) continues,' Zeman added.
