Ghelamco enters into €60 mln. financing for the construction of two office projects (PL)

International developer Ghelamco has concluded a €60 mln. project financing by Bank Pekao SA for the construction of two office projects, one in Warsaw and another one in Katowice.

The Crown Square building in Warsaw will offer 17,000 m² of class-A office space between Prosta and Przyokopowa Str. and will be completed in Q1 2010. Crown Square is the third project in this location after successfully leasing out the adjacent Crown Point and Crown Tower office projects.

Katowice Business Point will comprise 17,000 m² class-A office on Chorzowska Street and will be completed in Q3 2010.

Ghelamco has already developed over 300,000 m² of office space over the last five years in Poland and presented in 2008 a net profit of €212 mln.

CEO Paul Gheysens commented: "We have built a strong reputation both towards tenants and investment funds which is based on modern construction techniques, timely delivery and efficient use of space. We welcome Bank Pekao's choice for qualitative developers with a proven track-record and appreciate their distinguished insight on the Polish office market. More than ever, practice will show that a developer with his own vision, with an experienced staff and with a perfect technical knowledge will continue to create sustainable value."

Bank Pekao SA, member of UniCredit Group, is the leading bank in Poland. Justyna Kædzierska-Klukowska, Deputy Director of Commercial Real Estate Team in the Bank says: "Currently, Bank Pekao SA is one of really few banks being able to finance new commercial real estate projects. Obviously, our approach is extremely selective. We are focused on the best projects and strongest partners with adequate track record and excellent history of cooperation with the Bank."

Clifford Chance and Salans acted as counselors for the parties during the financing deal.

Source: Partner of Promotion Sp. z o.o.

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