Polat Hungary Kft. has negotiated a 3-year financing agreement with Raiffeisen Bank Hungary for €60 million to develop the Seven Pearl residential complex in Budapest's historic 7th district.
The financing agreement between Polat Hungary Kft.'s subsidiary Pearl Real Estate Development Kft. and Raiffeisen Bank Hungary represents a milestone in Budapest's residential real estate construction market. Baker & McKenzie acted as legal advisor to Raiffeisen Bank Zrt. in the transaction.
Located in Budapest's 7th district near the Great Synagogue, a UNESCO World Heritage Site, Seven Pearl will consist of over 160 apartments and 10 retail units. The project is expected to be completed by the end of 2027. The development focuses on sustainable and high-quality construction, aligning with Polat Holding's investment strategy.
"At the heart of every project by Polat Holding, both in Turkey and abroad, is the commitment to adding value to the city, neighbourhood, and residents," said Kaan Yücel, Executive Member of the Board of Directors at Polat Holding. "This financial partnership with Raiffeisen Bank shall provide a great advantage, enabling Polat Holding to safely bring our vision to life while creating lasting value for generations to come."
The financing agreement aligns with Raiffeisen Bank's strategy of supporting sustainable, high-quality assets that create long-term value. "We are dedicated to investing together with our clients in sustainable real estate projects that contribute to a greener and more responsible future," said Ferenc Kementzey, Deputy CEO at Raiffeisen Bank Zrt.
