Credit Suisse obtains €90m pbb loan for Warsaw office deal

Credit Suisse has obtained a €90 mln medium term credit facility from German lender pbb for the acquisition of a prime office tower in Warsaw.

Two real estate funds managed by Credit Suisse inked a deal with developer Strabag to purchase the Astoria office building, which is fully let to a mix of international and state-owned companies. The transaction volume was not disclosed.

'Astoria is one of the most prestigious buildings in Warsaw, situated in a superb micro location and characterised by its high construction quality and sustainability,' said Holger Herb, head EMEA at Credit Suisse Asset Management Global Real Estate.

The 10-storey asset, located in Warsaw’s central business district close to Marszalkowska Street and Jerozolimskie Avenue, comprises a gross lettable area of over 19,000 m2.

Charles Balch, head of international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: 'We are very pleased to support Credit Suisse Asset Management Global Real Estate across Europe and in this case with this Polish office acquisition.

'The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities.'

Munich-headquartered pbb acted as arranger and sole lender.


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