Adgar Poland, an office property developer, owner and manager actively operating on the Warsaw market, has signed a refinancing deal worth €75.2 million. The aim of the deal was to repay bank debt of €64.7 million and to take up new financing to the value of €10.5 million.
The new agreement consists of two loans for €54.3 million and €20.9 million for the period of 10 and 7 years respectively, carrying an interest rate over 200 bps below that of the previous financing. The lower interest rates are mainly a result of currently lower market rates.
The increased financing and lower interest rates together reflect the strong financial standing and confidence of financial markets about the current and future performance of Adgar Poland.
Recent projects by Adgar Poland included the re imagining and modernization of Adgar Park West at Aleje Jerozolimskie in Warsaw, and the creation of AdgarFit, a unique high performance sports zone. In Q3 2014 Adgar also expanded its portfolio, acquiring a 14,000 sqm GLA office building in Mokotów, now operating under the name Adgar Wave.
Further growth plans by Adgar Poland, supported in part by the refinancing deal, include the construction of a new office building and a new data centre on land plots the company already owns, the renovation and re-letting of an office building in Adgar’s portfolio, as well as the purchase of more office buildings.
“With the refurbished Adgar Park West and the excellent new AdgarFit sports zone now operating, we want to engage in new projects on all fronts: development, modernization and acquisitions. The Polish market offers great opportunities and we are here to stay. We have a unique, long-term approach to sustainable profitability in the office real estate sector and aim to build long-lasting and mutually beneficial relationships with our tenants,” said Eyal Litwin, CEO of Adgar Poland.
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