pbb Deutsche Pfandbriefbank provides a € 55 million loan to W. P. Carey’s managed REITs for an office building in Warsaw (PL)

Deutsche Pfandbriefbank has agreed a € 55 million medium-term refinancing facility for CPA® :17 – Global and CPA® :18 – Global, two of W. P. Carey’s publicly held non-traded REIT affiliates. The proceeds will be used to partially refinance the purchase price paid for the acquisition of Bank Pekao’s headquarters in Warsaw, Poland. The refinancing transaction closed in May 2014.

The 34,900 m² office complex, known as Lipowy Office Park, is leased in its entirety on a long term lease to Bank Pekao, the second largest bank in Poland and member of Unicredit Group The office park was completed in 2009 by Hochtief Development Poland. It consists of comprised of four 9-storey modern office buildings, located in Ochota district, at the major road connecting Warsaw’s CBD with the international Fryderyk Chopin Airport.

Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is very pleased to support W. P. Carey again in this Polish acquisition, the second within six months, and we are looking forward to other transactions with them, both in Poland and elsewhere in Europe.”

Arvi Luoma, Director of W. P. Carey in Europe, noted. “W. P. Carey looks forward to additional opportunities to work with pbb Deutsche Pfanbriefbank as we continue to invest in high quality European assets leased to established corporate and government tenants. Having supported our activities through the earlier financing of the H&M distribution center and the more recent Bank Pekao facility, we appreciate their knowledge of the Eastern and Western European markets and look forward to partnering with them on future transactions.”

Source: pbb Deutsche Pfandbriefbank

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