The HB Reavis Group, a developer of sustainable projects, has announced that it has secured a bank loan financing in a total amount of 32.9 million for its office project River Garden Office in Prague - Karlin from Ceská sporitelna, a.s.
"We are pleased that in a time of current economic uncertainty and caution on both financial and debt markets we have managed to capitalize on our long-term relationship with Erste Group that we already have a proven track record with. The mutual trust has resulted into provision of a bank loan under market conditions with a tenor of five years," said Peter Pecnik, Debt Finance Manager HB Reavis Group.
This is the first loan provided by Erste Group to the HB Reavis Group for a project outside the territory of Slovakia.
"We provide banking services to our clients both in good and in challenging times. We have large enough capital reserves to be able to offer our corporate clients complex property financing services even when the economic situation is uncertain. We are pleased that our clients' interest goes beyond the borders of the Czech Republic," noted Filip Hradec, Head of the Real Estate Division at Ceska sporitelna, a.s.
Having completed two logistics projects in Lovosice and Ostrava-Monov, the River Garden Office is the third project of HB Reavis Group in the Czech Republic and the first developer's office project in Prague. In the fast growing Karlín business district it will offer 19,400 m² of GLA. The building is scheduled for completion in April 2012.
The River Garden Office project will be BREEAM certified as Very Good. The HB Reavis Group has introduced BREEAM 'green building' certification as an industry standard and applies it to its whole portfolio. At present the Group manages and owns assets worth more than €1.3 billion in the region. Currently, four projects worth a total of almost 200 million are under construction.
Source: HB Reavis