Echo Investment has concluded an agreement with Westdeutsche Immobilienbank AG to the value of 31.785 million to finance the realization of the Malta Office Park complex in Poznan, Poland.
The Malta Office Park complex will have nearly 31,000 m² of leasable area.
Part of the credit shall be assigned for re-financing of expenditures spent on the realization of the first stage of Malta Office Park, the remaining means shall be assigned to cover costs of construction of the next stage of the project and financing of the Borrower's current activities. The Parties agreed that the credit shall be repaid within 63 months from the date of signing the agreement.
"This is another big developer's credit incurred recently," says Adrian Karczewicz, Director - Project Financing, conducting the transaction on the side of Echo Investment. "In today's economic reality, banks have intensely exacerbated the credit policy and the manner of projects' verification. Malta Office Park received financing thanks to a high quality of the offer, appropriate stage of advancement of lease and a strong position on the Poznañ market of office complexes. Also the make of the developer was very important for Westdeutsche Immobilienbank, especially that this was the first transaction between us in history."
Piotr Gromniak, the President of the Management Board of Echo Investment said: "Following the agreement with Eurohypo, this is the second credit for an Echo project in the time span of just two weeks. At the same time, a big international bank joined the group of our partners. This fact confirms opening up of financial institutions for the developers' needs.
"I'm glad, that Echo Investment could present another good and reliable project which won recognition in the eyes of the WestImmo bank's management board. I am convinced that soon, equally positive decisions shall be made concerning our successive projects."
Malta Office Park is a modern office complex located at Abp Baraniaka St. in Poznan. The complex comprises six buildings: four five-floor and two six-floor buildings. All the buildings are connected through the underground parking. The 'open space' standard will assure flexibility in dividing the floors and will provide a large scope of possible arrangements. The whole complex will have nearly 31,000 m² of leasable area. The number of employees working in the Park will be equal to 2,500-3,000. The strong point of the complex will be the approx. 600 parking spots in the over- and underground parking lot. The office complex will have a number of state-of-the-art solutions related to the technology, the security system, as well as the monitoring and access control system. The project involves reconstruction of the road system around the concept so as to adapt it to the new needs. The plans are to complete the second stage in 2010.
The design of the Malta Office Park has been elaborated in the Poznañ architectural office Litoborski-Marciniak.
Source: Echo Investment SA