ING Bank provides €33.5m refinancing for Warsaw property

ING Bank Slaski, part of ING Bank, has provided a €33.5 mln loan to refinance a Warsaw property owned by German closed-end fund IFP Erste.

Developed in 2004, the property is a multi-use building comprising 21,000 m2 of leasable area divided into office, showroom and workshop space. The building is fully let to Mercedes Benz Polska on a long-term lease.

IFP Erste (IFP Erste Immobilienfonds für Polen GmbH & Co.) was set up in 2004 with the sole purpose of buying and managing the Warsaw property.

The fund was advised on the transaction by AFM Asset & Financial Management and law firm Andrzejczak & Partners.