Echo and Eurohypo conclude €50m credit agreement for realization of Park Postepu, Warsaw (PL)

Echo Investment Capital Group and Eurohypo AG have concluded a credit agreement of the value of €50 million. The means obtained on the basis of the aforesaid agreement shall be assigned for refinancing of building costs of the Park Postepu office complex, being constructed in Warsaw, Poland. The credit shall be transferred in five installments, by September 30, 2010, inclusive. The final term of the credit repayment is January 31, 2020.

Park Postepu

Park Postepu will comprise approx. 33,000 m².

"It is this year's biggest credit transaction on the real estate market. Taking into account the present economic situation, prolongation of procedures it causes and more rigorous policy adopted by financial institutions towards the whole developers' branch, I think, that signing of the credit agreement in a relatively short time is a big success of both Echo Investment and Eurohypo bank. We achieved the agreement in the matter of granting the credit thanks to co-operation and, first of all, the good will of both parties. I am convinced that presently conducted negotiations concerning financing of our further projects shall end with a similar success," said Mr. Grzegorz Iwa

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