BNP Paribas to finance construction of Oxygen Park office building in Warsaw (PL)

Yareal Polska, the developer of Oxygen Park, a class-A office building, has secured finance for the project. Oxygen Park, with a total lettable area of approx. 18,300 m² is located on Jerozolimskie Avenue in Warsaw. The development will hold the BREEAM ecological certificate.

Oxygen Park_patio

Oxygen Park will be an eco-friendly scheme, both for the environment and for its prospective tenants

The first stage of the project is scheduled for completion in the first quarter of 2013 and the second - in the fourth quarter of 2013. International consulting firm Colliers International is the letting agent for the project.

Yareal Polska is developing Oxygen Park with own equity and financing obtained under a loan agreement entered into with Bank BNP Paribas.

"We develop our projects on the basis of a long-term strategy for operations in the marketplace and the highest standards – Yareal Polska's CEO Eric Dapoigny says. Yareal's projects are characterized by a combination of high-class architecture with efficiency and optimum adjustment to future tenant needs" he adds.

Oxygen Park will be an eco-friendly scheme, both for the environment and for its prospective tenants. The energy-saving building systems and the minimal common area of ca. 3% will translate into cost optimization.

Oxygen Park will provide a bike parking to be used by those who use alternative ways of transportation. Tenants of Oxygen Park will be able to spend their lunch breaks on site thanks to catering space of 400 m² and a green patio which will connect the two six-story buildings. The facility will feature 141 underground and 21 external parking spaces.

"We believe Oxygen Park is an interesting project which should be well received on the market. The commercialization level which allows for release of the loan was reached soon after the signature of the loan agreement, which again supports our conviction of the attractiveness of the scheme", says Marek Kowalski, Head of the Real Estate Financing Department at BNP Paribas Polska.

"Considering the type of the building, its location and the employed technical solutions coupled with the scale of the enterprise and the structure of financing, the investment is fully in line with the financing policy of Bank BNP Paribas. We want to finance attractively located projects, with substantial market potential and reasonable size", adds Kowalski.

The author of the architectural design of the office building was JEMS Architekci. The General Contractor is RD Bud.

Source: Mediadem

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