News Article Aareal Bank CPI Property Group office Poland refinancing Warsaw
by Property Forum | Investment

CPI Property Group Poland has successfully concluded a green refinancing transaction with Aareal Bank amounting to more than €277 million for three office properties in Warsaw.

The funds received will be used for the refinancing of three Warsaw office properties: Warsaw Financial Center, Equator IV and Eurocentrum. The transaction was carried out in accordance with the principles contained in Aareal Bank’s Green Finance Framework specifying the lending institution’s criteria for granting green financing. This means that the real estate covered by the transaction must meet at least one of the requirements set by Aareal Bank both at the time the financial obligation comes into force and throughout its duration. These include for the properties in question: compliance with EU taxonomy criteria; sustainability certification recognised by the World Green Building Council; final energy consumption at an appropriate level; and a strategy for the further energy efficiency improvement of the real estate. The eligibility for the loan is assessed and documented by the bank’s credit issuance and management departments based on the documentation provided by the applicant (energy performance certificates, green building certificates, etc.).

The office properties that have obtained this green financing are all certified under systems recognised by the World Green Building Council. CPIPG has also drawn up an energy efficiency improvement plan for each of the refinanced properties.

“We attach great importance to the sustainable development standards of our commercial real estate, which is why we have been successful in applying for funds to finance our ‘green’ buildings. WFC, Equator IV and the Eurocentrum complex all met the requirements laid down by Aareal Bank – an achievement we are very pleased with. This is the result of the Group’s ESG strategy, which we are taking great care to implement”, explains Łukasz Krawczyk, a Project Finance Manager at CPIPG.

The above-mentioned properties have also each obtained certificates from Aareal Bank to confirm that the transaction was carried out in line with the institution’s green financing principles.

CPIPG is planning to continue obtaining eco-financing in the future. “We certainly aim to take advantage of such opportunities provided by banks. Our real estate portfolio meets the eligibility standards for the green financial instruments of most lending institutions. We are also delighted to be able to demonstrate the work we have done on introducing high standards of sustainability to the real estate sector and plan to obtain BREEAM certification at the ‘Excellent’ level for most of the buildings in our portfolio. In addition, we are also introducing green lease agreements to make our properties even more attractive to tenants and investors”, reveals Barbara Topolska, the Poland Country Manager of CPIPG.

CPI Property Group is one of the leading players in the Warsaw office real estate market. The group actively manages 23 office buildings with a total area of over half a million square metres and a combined value exceeding €1.7 billion.