EPP, Poland's largest retail asset manager, has secured a €323.9 million loan to refinance existing debt on its shopping centre portfolio. The financing covers four retail assets: King Cross Marcelin in Poznań, two assets in Szczecin (Galaxy and Outlet Park), and Pasaż Grunwaldzki in Wrocław.
The loan was provided by Santander Bank Polska, Erste Group Bank and Helaba Landesbank Hessen-Thüringen. The Polish bank also acts as facility agent, security agent and account bank. The loan has a five-year term with a balloon payment at maturity and no amortisation requirement.
"Securing financing of this scale in the current geopolitical environment is a clear signal of financial institutions' confidence in the Polish retail real estate market," said Tomasz Trzósło, CEO of EPP. "For EPP, this is another non-amortising facility, bringing us consistently closer to a REIT operating model."
The refinanced portfolio comprises nearly 180,000 sqm of retail space, certified Breeam In-Use at the "Very Good" level or higher, and located in key cities across Poland.
Dentons advised the lenders, while the borrower was represented by Greenberg Traurig.
