Aareal Bank provides loan to Ghelamco for Warsaw scheme

German property lender Aareal Bank has closed a financing agreement with international real estate investor and developer Ghelamco Group for a newly constructed development in Warsaw.

As sole agent, arranger and lender, Aareal Bank is providing a senior loan in the amount of €312.5 mln to the family-owned real estate group, which is mainly active in the office, residential, retail, leisure and logistics markets.

The loan will be used to refinance the multi-functional complex, which is know as the Warsaw Hub, and is located in the western part of Warsaw's business district.

The project comprises two 130-metre office buildings, together with an 86-metre hotel tower connected by a common podium.

The 118,000 m2 of floor space includes office and co-working spaces, a conference centre, Crowne Plaza and Holiday Inn Express hotels, retail and service premises and a fitness club.

The three buildings are BREEAM pre-certified and have been awarded with a Well Health-Safety Rating. Once all the required certificates are in place, the loan will be converted into a contract in accordance with Aareal Bank's green finance framework.

Christof Winkelmann, member of the management board of Aareal Bank, said: 'We are very proud to have closed this agreement with Ghelamco, who are not only a leading European real estate investor, but especially an outstanding developer in the Polish market.

'Ghelamco was at the forefront of European companies that entered the commercial real estate market as early as 1991. As such they have shaped the cityscape of Warsaw with award-winning modern buildings, while pioneering the establishment of sustainable standards in the Polish real estate market.'

Jaroslaw Jukiel, financial director and member of the management board of Ghelamco in Poland added: 'We are very proud to work with Aareal Bank once again. Obtaining such large bank refinancing for The Warsaw Hub confirms the developer's stability and reflects the project's attractiveness.'

Ghelamco was advised by Deloitte Legal. Aareal Bank was advised by CMS Cameron McKenna on legal matters, and Savills on valuation.


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