HB Reavis obtains financing of €36.5 million for its River Garden II/III project
HB Reavis Group has secured financing for its second office project in Prague. A loan of €36.5 million was provided to the group jointly by Raiffeisenbank a.s. and its sister company, Tatra banka.
“We appreciate the fact that, thanks to the proven quality of our projects, our strong position in the market and long-term, above-standard relationships with our banking partners, HB Reavis Group has the ability to secure attractive development financing. The receipt of funds for the River Garden II/III project has proved this once again and we were very pleased to close the deal with our long-term financial partner – the Raiffeisen Bank International,” said Jiří Hrbáček, CFO HB Reavis Group.
The loan provided is a development and investment loan for the construction and project management of the River Garden II/III buildings in Karlín, Prague. HB Reavis and Raiffeisenbank Bank International (represented by Raiffeisen, Česká republika and Tatra banka, Slovensko) thus build on the tradition of many jointly-executed financing projects, which began in Slovakia.
“The high quality of development projects by HB Reavis in the Czech Republic, together with the group’s history, is a guarantee that we have negotiated a good business deal. From our perspective, the recently secured financing is the first, but perhaps the most important, step towards our long-term co-operation in the Czech Republic,” added Martin Hofmeister, Raiffeisenbank a.s. Director of Project Financing.
River Garden II/III is the second administrative complex by HB Reavis Group in the Karlín district of Prague, creating a significant extension to the Rohanské nábřeží Boulevard with a clean, elegant architectonic solution. River Garden II/III features eight above-ground floors, which offer over 25,000 sqm of A-class office space enhanced with highly flexible internal space, cost effective use of modern technology and green solutions as confirmed by ‘very good’ BREEAM certification. The project will be completed in Q2 2014 and has already attracted premium tenants such as Philips.