October 16, 2017

Ghelamco obtains construction loan for implementing The Warsaw HUB

Ghelamco obtains construction loan for implementing The Warsaw HUB

Ghelamco has obtained a construction loan for implementing The Warsaw HUB project. The €221 million loan was granted by a consortium of five banks: Bank Zachodni WBK, Pekao SA, PKO Bank Polski, Raiffeisen Bank Polska, and Bank BGŻ BNP Paribas. (investment)

Ghelamco GP 11 Sp. z o.o. The HUB S.K.A., a special purpose vehicle established to implement The Warsaw HUB project, has obtained a record loan. The delivery of the biggest project in Ghelamco’s history will be financed by a consortium of five banks. Bank Zachodni WBK will be the Facility Agent, PKO Bank Polski will act as Security Agent, and Bank Pekao SA will handle the Accounts Bank. The consortium’s members also include Raiffeisen Bank Polska and Bank BGŻ BNP Paribas.

The loan will amount to €221 million. In addition, the banks will extend a loan of PLN 45 million to finance VAT. The financing is a construction loan with the ability to convert it to a 5-year long-term loan.

“We are happy that once again Ghelamco has won the trust of the leading banks in Poland. Obtaining such large bank financing for building The Warsaw HUB confirms the developer’s stability and reflects the project’s attractiveness,” says Jarosław Jukiel, Chief Financial Officer and Member of the Management Board of the companies within Ghelamco in Poland.

The Warsaw HUB is being erected in the fastest developing part of Warsaw, i.e. at Rondo Daszyńskiego in Wola district, at the junction of Towarowa and Prosta streets. The complex will consist of three skyscrapers: the 86-meter hotel building and two 130-meter office towers. All the buildings will be joined by a five-storey foundation, which will create a big-city frontage along Towarowa Street.

The Warsaw HUB is currently Ghelamco’s most innovative project, which will go far beyond the traditional concept of an office complex. The investment is built upon the concept of a “hub”, i.e. a major functional and transportation center. Various means of transport and roads meet in the direct vicinity of the project, namely the metro, trams, buses, trains, and major routes. The complex will combine all functions which are necessary for modern corporations and startups to operate. The 113,000 sqm of space will offer state-of-the-art office premises, a conference center, 3- and 4-star hotels, service outlets, and a fitness center. In the Warsaw HUB, there will also be a place for MeetDistrict, a unique co-working space which has been successful in Ghelamco’s Belgian investments. Ultimately, The Warsaw HUB will also be home to The Heart Warsaw, a center of cooperation between corporations and startups, now based in Warsaw Spire. The investment is scheduled to be completed in early 2020.

“The Warsaw HUB has already enjoyed enormous interest on the part of the tenants. Obtaining financing for the construction further assures them of the investment’s stability. Soon we will be able to announce the first tenants who have chosen The Warsaw HUB,” says Jarosław Zagórski, Commercial and Business Development Director, Member of the Management Board of the companies within Ghelamco in Poland.

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