German lender, pbb Deutsche Pfandbriefbank, has stepped in to provide Prague-headquartered firm, REICO, with a facility to acquire assets for its open ended vehicle, CS nemovitostni fond.
The €118 mln financing is being used to fund the acquisition of two newly-built logistic properties in Upper Silesia as well as for the refinancing of an office building in Warsaw.
The office building is known as Proximo I and belongs to the two A-class office blocks in the Proximo complex, which is located in the dynamically developing Wola district, close to the Warsaw CBD. It has a gross lettable area of over 29,000 m2 and is currently nearly fully let to a mix of international and national tenants.
The logistics portfolio consists of two assets located near the town of Tychy in Upper Silesia, in a major industrial area anchored by one of the largest Fiat factories globally. The properties are newly-built Class A warehouse assets let to five tenants and providing a total of 116,000 m2 gross lettable area.
Charles Balch, head of international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank, said the bank had a long-standing relationship with Reico.
Reico was formed in 2006. In 2007, the company established the first mutual real estate fund on the Czech market.
Chairman of the board of directors is Tomáš Jandík. He graduated from the Humboldt University in Berlin and College of Estate Management in Reading, UK, and then worked in various consultancy positions in financial audit, property valuation, asset management and investment advisory with EY, DTZ and later CBRE.
