pbb Deutsche Pfandbriefbank provided an investment facility of €63 million to CBRE Property Fund Central and Eastern Europe (CBRE PFCEE), an investment fund focusing on retail assets in Poland and Slovakia, managed by CBRE Global Investors. CBRE PFCEE will use the proceeds for the refinancing of the shopping centre “Wars Sawa Junior” in Warsaw. The transaction closed in August 2017. pbb acted as arranger and sole lender under the facility.
Wars Sawa Junior is prominently located in the city centre of Warsaw directly opposite of the Palace of Culture. It was built at the turn of the 1960s and 70s and was the first department store to open in Warsaw, and was later converted into a shopping centre. The asset offers a gross lettable area of over 37,000 sqm in retail and office space. It is currently almost fully let to a mix of international and national tenants.
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