German lender, pbb Deutsche Pfandbriefbank, has agreed to provide refinance for assets belonging to Reico Nemovitostni, the largest real estate fund on the Czech market managed by property company, Reico
The funding is for Proximo II, which is part of two A-class office buildings in the Proximo complex in Wola district, close to the Warsaw Central Business District. The total office park offers a gross lettable area of around 50,000 m2 and is currently nearly fully let to a mix of international and national tenants.
It was origibally developed by US firm Hines, which sold it to Reico in September 2018.
In addition, pbb is financing logistics 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.
The bank explained pbb was providing a refinancing of the original acquisition loan pbb provided to Reico in 2018 for Proximo II. It has combined that loan with another loan provided for the Proximo I office that was written out in 2017 and for the Tychy logistics acquisition in 2022>
Overall, the bank is now providing €158 mln to Reico for office buildings Proximo I and II and logistics assets in Tychy in Poland.
Dieter Knittel, head of CEE at the pbb, confirmed the bank had a long standing financing relationship with Reico.
He added: ‘Poland is an important market for pbb, and we are looking forward to other transactions with Reico across all CEE real estate markets.’
