Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, January 10 with Winston Norman, Editor and Chief of EuropaProperty.com.
Dentons advises on Romania’s largest real estate credit facility to date
Dentons advised a syndicate of lenders — Erste Group Bank, Banca Comerciala Romana, Raiffeisen Bank International, Raiffeisen Bank Romania and Alpha Bank Romania — on a €450 million, secured, non-recourse, credit facility to AFI Europe group companies for the purposes of refinancing the Romanian shopping centre portfolio in Bucharest, Brasov and Ploiesti. This transaction represents the largest real estate credit facility granted in Romania to date.
Dentons managed and coordinated the financing transaction from structuring to completion. Partner Simona Marin, Head of the Banking and Finance practice in Bucharest, led the legal team.
Simona Marin stated, “It was a privilege to have the opportunity to apply our expertise in real estate finance to support the banks granting this credit facility.”
Saint-Gobain Sekurit is a new tenant of CTPark Iłowa
Saint-Gobain Sekurit, a manufacturer of car glass and solutions for the automotive market, has leased 21,300 sqm in CTPark Iłowa located in the Lubuskie Voivodeship.
CTPark Iłowa will deliver three facilities with a total area of 170,000 sqm to the Polish market. According to CTP, the project is one of the largest warehouse and industrial parks currently under construction in the country. Last November, CTP announced the commercialization of 40,000 sqm, i.e. the entire building, to which Hermes Group, a European courier service provider, will move in.
“Lubuskie is a relatively young, but at the same time the fastest growing logistics market in Poland,” explains Bogi Gabrovic, CFO at CTP Poland.
In total, CTP currently has 450,000 sqm under construction throughout Poland of which 250,000 will be commissioned in the coming months.
Nissin Logistics leases 42,000 sqm in Panattoni Park Bydgoszcz IV
Panattoni has leased 42,000 sqm to Japanese logistics operator Nissin in Panattoni Park Bydgoszcz IV. The logistics park, which came into use this year, is the first to be developed in the western part of the city and will ultimately comprise three buildings with a total area of 110,000 sqm.
“We have been cooperating with Nissin for over three years. Due to the growth in the scale of its logistics operations, the company decided to relocate to larger premises at Panattoni Park Bydgoszcz IV,” explains Andrzej Spiesz, a development director at Panattoni.
Sebastian Muziński, the general manager and a management board member of Nissin Logistics Polska, said “At the moment, we are in talks with both current and potential customers regarding increasing the scale of our operations in Bydgoszcz. Our goal is further expansion.”
Panattoni Park Bydgoszcz IV is located 12 km from the city centre. The logistics centre, which consists of three halls, will eventually comprise 110,000 sqm of BREEAM ‘Excellent’ certified space.
Yareal building hilltop apartments overlooking Gdańsk
ODEA Park, Yareal’s latest investment project in the Tricity, will include five apartment buildings with views of Gdańsk’s historic main city, located just 1.6 km away. The real estate developer is currently building 120 apartments in a quiet area of the Siedlce district. Finetech Construction has been chosen as the general contractor.
Finetech Construction is expected to complete the construction of ODEA Park in the fall of 2024.
“ODEA Park’s unique location required we take an unconventional approach to its construction,” said Yareal’s Tri-City Regional Director, Katarzyna Rauber.
“ODEA Park is an extremely interesting project, not only because of the architecture of the buildings, the construction solutions used, and the place where they are built,” added Finetech Construction’s CEO, Włodzimierz Bogiel.
The project has a Very Good rating on the estate’s BREEAM green construction certification. The investment is also taking part in a pilot project for Green Building certification from the Polish Green Building Council (PLGBC).