Hungary’s Horizon Development has been granted a development loan by UniCredit for its ongoing Szervita Square mixed-use development in the centre of Budapest. At the same time, the developer has pre-leased all four office floors (8,500 sqm) of the project to coworking space provider Spaces.

Golub GetHouse and Mennica Polska S.A. obtained financing for subsequent stages of the construction of Mennica Legacy Tower in Warsaw. More than €130 million of construction credit was granted by a consortium of three banks.

Romanian developer Wallberg has secured a €5.8 million loan from Garanti Bank to finance the development of the XCity Towers project in Timisoara. XCity Towers it will be built in several stages, with a total of 955 apartments in 8 buildings. The total value of the project will exceed €62 million, of which the first stage will amount to €36 million.

Individual investors have subscribed to all offered I-series bonds of Echo Investment. The developer will issue the securities worth PLN 50 million (app. €11.6 million).

CEC Bank and Veranda Mall have signed two financing agreements totalling €34 million, aiming to refinance the development of the project and finance the expansion and modernisation of the shopping centre. Both funding rounds were provided in the form of investment credits for a period of 15 years.

On October 1, 2018, the Tokyo Stock Exchange approved a program listing application from CPI Property Group for listing on the professional-oriented Tokyo Pro-Bond Market

K&H Bank concluded a financing agreement with the developer concerning BudaPart GATE, the first office building of the largest multi-functional real estate development of Budapest. The first office building of BudaPart is a 20,092 sqm and 11-storey building with an occupancy soon reaching 40%.

Globalworth has secured a €46 million loan from BCR, which will be used for developing Connected, Renault’s new HQ in Bucharest.

Helaba, acting as facility and security agent, and pbb Deutsche Pfandbriefbank have jointly underwritten an investment facility to finance four office properties in Poland. Together, the two banks are providing Globalworth Poland Real Estate (GPRE) with a loan in an amount of €100 million with a duration of seven years. The transaction closed in June 2018. Helaba and pbb are acting as Joint Lead Arrangers providing equal portions of the funding.

From July onwards, entrepreneurs in Poland will decide whether to apply the split payment mechanism (SPM). As announced by the Polish Ministry of Finance, entities making split payments will be considered to be entrepreneurs of strong commercial integrity and business professionalism. Experts of Cresa Poland and tax specialists of Crido Taxand say whether it advisable to make use of the new regulations in their joint review “Commercial Real Estate Tax & Business Digest”.