German banking consortium provides €370m refinancing for Warsaw Spire

Warsaw spire


Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank have jointly underwritten an investment facility totaling €370m to refinance the Warsaw Spire Office complex. The assets are owned by the newly established Ghelamco European Property Fund. The transaction closed in August 2017. Helaba, Berlin Hyp and pbb are acting as Joint Lead Arrangers providing equal portions of the fundings, with Helaba acting as facility and security agent of the transaction.


The Warsaw Spire complex consists of 3 buildings totaling 115,000 m² of GLA. The main tower, Warsaw Spire A, is with its heights of 220-metre and a hyperboloid glass façade already one of the iconic building on the Warsaw skyline neighbored by two 55-metre auxiliary buildings, Warsaw Spire B and C. This land mark complex won many awards within the last years including the MIPIM Award 2017 for the best construction project. The unique complex offers the optimum combination of location and quality within the very heart of the City. Implemented in the scheme are new technologies and green solutions which have attracted exceptionally well recognized tenants, committing to long leases on sustainable rents. 


Jeroen van der Toolen, Managing Director, Ghelamco CEE said: "I am very proud of The Warsaw Spire project. The highest recognition for this investment is the MIPIM Award 2017 for the Best Office Complex. It has been appreciated not only by top tenants but also key players on the financial markets. On behalf of our company I would like to thank for the interest and constant support to all our partners who have provided funding and helped in its development so far. We are also happy to welcome Helaba, Berlin Hyp and pbb companies that will assist Ghelamco with refinancing the Warsaw Spire complex.


Michael Kröger, Head of International Real Estate at Helaba said: "We are pleased to support Ghelamco with this transaction, who is the most dominant developer and investor in the Polish market and a reliable partner for Helaba. Helaba is active in the region since more than 10 years and has underwritten loans of several bn Euros since then."


“We are pleased to have supported Ghelamco Group with this financing in Poland, one of our foreign target markets,” comments Gero Bergmann, Member of the Board of Management of Berlin Hyp. Charles Balch, Head of International Clients, UK & CEE at pbb Deutsche Pfandbriefbank said: "Pbb is delighted to support our long-standing client Ghelamco in this landmark transaction in Warsaw together with our partners Helaba and BerlinHyp. The deal underlines our continued strong interest in the CEE real estate markets, and Poland in particular.”

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