In its capacity as agent, arranger and sole underwriter, Helaba is financing the centrally located shopping centre “Wars Sawa Junior” for Atrium European Real Estate Limited. The German Landesbank is providing a loan in an amount of €170 million with a term of eight years for the acquisition.
The shopping centre is located in the heart of the capital Warsaw and was opened in the early 1970s, making it Poland's first department store. It has become one of the best-known shopping centres thanks to continuous modernisation and numerous extensions.
About five million people pass the property every month. The shopping centre comprises 26,000 sqm of retail space, which is fully let on a long-term basis to prestigious brands such as H&M, C&A, CCC, TK Maxx and Zara. It also offers 11,000 sqm of office and storage space.
Helaba will syndicate part of the €170 million and thus pursue its strategy of consistent outplacement. The prestige property also complements Helaba's high-calibre portfolio in a key target market of Europe.
Wars Sawa Junior was acquired for €301.5 million in October. Atrium has taken the €170 million secured loan with a tenor of eight years to replace the existing bridge loan taken in October 2018. The Group’s average maturity following the refinancing is extended to 5.5 years and its cost of debt is reduced to 3.1%.
“Wars Sawa Junior is one of the best retail assets in Poland and the acquisition has further enhanced the quality of our portfolio and income. The loan extends our Group maturity and decreases our overall cost of debt as we continue with the deployment of our portfolio strategy and pro-active optimization of our balance sheet,” Ryan Lee, Chief Financial Officer of Atrium Group commented.