HB Reavis secures bank financing for Postępu 14
HB Reavis Group has secured a EUR 58 million loan from Bank Pekao S.A. for the refinancing of costs related to the acquisition and construction of its office building at Postępu 14. This development, currently underway in the Warsaw district of Mokotów, will provide the local property market with 34 455 sq m of modern grade A office space. It is on schedule for completion in June.
Bank Pekao S.A. is a subsidiary of UniCredit Group, HB Reavis’ long-term lending partner in Central Europe. The bank is the sole lender to the Postępu 14 project.
– We appreciate this financial commitment from Bank Pekao S.A., which confirms not only the quality and potential of our investment, but also the reliability of HB Reavis as a trusted business partner – said Stanislav Frnka, CEO, HB Reavis Poland, adding: – We’re particularly pleased as this is our second major loan agreement with Bank Pekao S.A., following December 2013 when the bank granted us with a EUR 61.55 million for the financing of Konstruktorska Business Center, HB Reavis’ first project in Poland.
Marek Koziarek, Managing Director, Commercial Real Estate Finance Bank Pekao S.A., said: – We are delighted that HB Reavis has once again selected Bank Pekao S.A. as its lender of choice for the next investment. We consider Postępu 14 to be one of the most interesting office projects currently under development in Warsaw. Given its great concept, unique architecture and the highly flexible floor plates, we have no doubt that this building will attract significant interest from high quality tenants.
Postępu 14 is a modern grade A office complex located in the heart of Mokotów’s business district, at the intersection of Marynarska and Postępu streets, near the Galeria Mokotów shopping centre, the Fryderyk Chopin international airport and the southern Warsaw ring road. One of its highlights is its strategic location in the direct vicinity of numerous bus and tram stops, as well as the nearby fast urban train (SKM) station. Moreover, the situation of this investment, adjacent to a busy communication route, will guarantee optimum display of the occupants’ logos and branding. Both the design and construction of this scheme have been planned to meet the requirements of Europe’s foremost environment certification, BREEAM, at the ‘Excellent’ rating.
Postępu 14 follows Konstruktorska Business Center, which was completed in March 2013, as the second HB Reavis investment at Mokotów, and it is the third project completed by the Group in Warsaw.
HB Reavis has been operating in Poland since 2008. In just seven years, it has become one of the most active developers in Warsaw. Its high market position is confirmed by numerous awards, including the CEEQA ‘Developer of the Year, 2015’, ‘Office Developer of the Year, CEE’ in the prestigious Eurobuild Awards competition or the ’Best Investor of the Year, CEE’ at the FDI Poland Investor Awards. So far, the company has provided the Polish capital with over 95 000 sq m of modern office space located in two completed investments: Konstruktorska Business Center and Gdański Business Center I. Three subsequent projects, with a combined area of over 154 000 sq m, are currently under construction.