A consortium of Santander Bank Polska and Bank Pekao S.A. granted AFI Europe and Echo Investment a construction and investment loan of €103.4 million and a VAT loan of PLN 20 million. The loan will finance the development of Office House, the first phase of the multifunctional Towarowa 22 project. It will be completed in the spring of 2025.
Office House is the first part of the Towarowa 22 project, which is being developed between Towarowa, Pańska, and Miedziana streets in Warsaw. The nine-storey building offers 31,000 square meters of office, retail, and service space. Its architecture ensures future users a close connection with nature, featuring two conservatories, green loggias on each floor, and a rooftop terrace for tenants' use. The design also includes a range of sustainable building solutions, such as 100% green energy supply and air purification technology inside the building inspired by natural processes occurring in nature.
“The loan granted to Office House – one of the largest this year for an office project in Warsaw – confirms that our approach to buildings is highly regarded by financial institutions. Towarowa 22 is another of our projects that has a significant, positive impact on Polish cities and the local economy", says Grzegorz Iwański, Financing Department Director at Echo Investment.
“As AFI Europe, we are committed to projects that stand out in terms of ESG solutions. These are the types of developments that currently enjoy the greatest trust from banks. Therefore, the loan received is the best confirmation of the quality of Office House and the entire concept of Towarowa 22”, comments Grzegorz Jakubowski, CFO of AFI Europe Poland.
"We are pleased to be participating in the financing of such a unique venture that will transform the downtown Warsaw. As Bank Pekao, we have the capabilities and expertise to effectively and comprehensively support enterprises undertaking large-scale investments. We are and will continue to be a reliable and long-term partner for our clients", adds Dieter Lobnig, Director of the Investment Banking and Real Estate Financing Department at Bank Pekao S.A.
"We congratulate AFI Europe and Echo Investment on their vision of creating a fantastic mixed-use space that will bring tremendous benefits to businesses, the local community, and the city of Warsaw. Santander Bank Polska is proud to support the implementation of the Towarowa 22 project, which is consistent in its ESG and environmental requirements. We will continue to support all such projects that bring benefits to Poland", declares Brendan Long, Director of the Commercial Real Estate Financing Department at Santander Bank Polska S.A.
In the financing process, the banks were advised by CMS Cameron McKenna Nabarro Olswang Pośniak and Bejm, ZIB Projekt Paczuski i Wspólnicy, and Jones Lang LaSalle.
At Office House, the installation of the facade, as well as insulation, masonry, and installation works, are ongoing. The next stage will be the interior finishing. The building is being constructed in accordance with the requirements of the BREEAM ecological certificate at the highest "Outstanding" level. It will also seek WELL certification, which indicates a positive impact on users' health, as well as WiredScore and SmartScore technological certifications.
Meanwhile, at 7 Miedziana Street, the first residential building in the Towarowa 22 investment area has been under construction since May of this year. M7 will feature 140 apartments. Right next door, investors are preparing to create a public, downtown park, part of which will be ready in 2025.
