German lenders pbb Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten a €130 mln investment facility to refinance the Dock In Office Park complex in Prague for local developer Crestyl Group.
pbb and Helaba acted as joint lead arrangers providing equal portions of the funding; pbb also acted as facility and security agent of the transaction.
Dock In Office Park is part of the Dock project in Prague 8 where Crestyl has created a new quarter along the Vlatava River offering office and retail space as well as apartments along the marina. Dock In One to Four consist of four modern multi-tenanted office buildings which were completed between 2013 and 2020.
Dock In Five is currently under construction and expected to complete in 2022. The complex provides around 58,000 m2 of space and is let to strong tenants such as Publicis Group, Saint-Gobain, Henkel, Hornbach and Lego Trading as well as Crestyl Group itself.
Premek Hubrt, Crestyl Group CFO said that the strategic decision to refinance the asset was aimed at raising funds for the development of other projects. ‘This is our largest transaction with a consortium of foreign banks and we believe that the cooperation will continue in the future,’ he said.
‘The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities,’ said Charles Balch, head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank.
Martin Erbe, head of Real Estate Finance International Clients Germany, CEE & Benelux at Helaba commented: ‘With the Dock project, Crestyl has created a wonderful mix of living, working and leisure. This lighthouse project represents a benchmark for future developments where people feel comfortable, while at work and also outside the office. We at Helaba are very pleased to finance this outstanding landmark for Crestyl together with pbb. Even if times are hard, together with good partners it can be managed.’
