pbb Deutsche Pfandbriefbank acting as Facility Agent and Westdeutsche ImmobilienBank AG (WestImmo) are pleased to announce that they have provided Arka Property Funds with a 48.5 million investment financing for Alfa Shopping Center in Olsztyn, Poland. Westimmo in addition provided a PLN 25.0 million VAT facility.The transaction was successfully arranged, underwritten and completed in a Club Deal structure.
The third generation Alfa Shopping Center is prominently located in Olsztyn comprising phase 1 and newly completed phase 2. Olsztyn, with approximately 176,000 inhabitants, is located in north-eastern Poland and is the capital of the Warmia and Masuria districts. Alfa Shopping Center, which has a total rentable area of over 24,500 m², is the premier retail destination and comprises four floors above ground and the only multi-screen cinema in the city. The scheme is fully let to over 100 international and national retailers.
Harin Thaker, Head of Real Estate Business International at pbb Deutsche Pfandbriefbank commented: "pbb Deutsche Pfandbriefbank is once again originating new business together with core partners in the International banking community. Poland is one of the markets in which we are active, particularly with clients like Arka Property Funds that we have known over many years."
Agnieszka Jachowicz, Managing Director Arka Property Funds, commented: "The Alfa Centre shopping mall in Olszytn is unique in terms of location, catchment and tenant mix. We are very happy that we could realize this acquisition with help of both banks."
Maciej Tuszynski, Head of Real Estate Financing Poland at WestImmo, commented: "WestImmo is very pleased to be an important and strategic bank partner of such an important Polish target client as Arka Property funds. Based on the performance of the Alfa shopping centre in the past, and the extraordinary letting success of Phase II in a difficult environment, we are convinced of Alfa's future success as a main regional shopping destination."
Source: Brown Lloyd James Financial