CEE property developer Immoeast has reached an agreement with the German regional bank Helaba for the refinancing of a EUR 250 mln loan in a property-backed deal involving three Polish assets. The portfolio comprises the Silesia City Centre in Katowice, which is planned for an extension starting this year, as well as two office buildings in Warsaw.
CEE property developer Immoeast has reached an agreement with the German regional bank Helaba for the refinancing of a EUR 250 mln loan in a property-backed deal involving three Polish assets. The portfolio comprises the Silesia City Centre in Katowice, which is planned for an extension starting this year, as well as two office buildings in Warsaw.
Vienna-listed Immoeast bought the mall located in Upper Silesia in 2005. The fully-let property provides 65,800 m2 of net rentable area across 240 shops and 3,000 parking spaces. Immoeast intends to expand the centre by a further 18,500 m2. Construction work, which is expected to amount to EUR 48 mln, is planned for completion in the fourth quarter of 2011.
The refinanced portfolio also includes two first-class office buildings in Warsaw, named Brama Zachodnia and IO-1. Completed in 2001, Brama Zachodnia has a net rentable area of around 24,000 m2 while IO-1 was completed in 2007 and offers 23,500 m2 of space.
'Due to our portfolio's long-term earning power and stable development, we were able to secure refinancing for our properties despite such a difficult economic climate, said CEO Eduard Zehetner.