German lender Deutsche Pfandbriefbank (pbb) and UK bank HSBC have jointly underwritten a €117 mln investment and development facility for the Valad Polish Retail Fund, which is managed by Valad Europe, part of Cromwell Property Group.
Valad will use the proceeds to refinance existing loans and to fund the 20,000 m2 extension of the Janki shopping centre in Warsaw.
Pbb is acting as arranger, facilitator and security agent of this transaction, with the underwriting of the facility being jointly provided by pbb and HSBC.
With a gross lettable area of over 46,000 m2, Janki is one of the most prominent shopping centres in the southern Warsaw region, benefiting from a catchment area of 350,000 inhabitants with no direct local competitor.
The fully let centre was built in 1999 and is undergoing a significant extension, which will result in around 20,000 m2 of additional lettable space along with 2,843 new car parking spaces.
Karol Pilniewicz, Valad Europe's head of CEE, said: 'Centrum Janki occupies a prime location in an established retail destination, south of Warsaw. The decision to invest in Centrum Janki was based on its dominance of the local market as well as the improved accessibility provided by new infrastructure.'
