News Article banks development financing Ghelamco office Poland Warsaw
by Property Forum | Office

Ghelamco has secured a €221 million loan for the construction of The Warsaw Hub from a consortium of five banks. Warsaw HUB, comprising three buildings, will have 113,000 sqm GLA of which 70,000 sqm of office space. The complex will also include retail space and a conference centre as well as two hotels. Completion is planned for 2020.

The financing comes from a consortium of five banks including Bank Zachodni WBK, which is acting as the facility agent, PKO Bank Polski, who will act as security agent, and Bank Pekao, who will act as the account bank. The consortium’s members also include Raiffeisen Bank Polska and Bank BGŻ BNP Paribas. In addition, the banks have granted a loan of PLN 45 will to cover the VAT. The financing is a construction loan, which can be converted into a five-year long-term loan.
The banks were advised by Baker McKenzie, while the borrower was advised by White & Case.