Coffee with Craig Show – daily CRE news covering the CEE region, Monday, May 1, with Winston Norman, Editor and Chief of EuropaProperty.com.
Consortium of banks refinance of Varso Place
A consortium of banks – consisting of Santander Bank Polska, Helaba Bank, Berlin Hyp, Bank Pekao and Deutsche Hypo – NORD/LB Real Estate Finance – has made a total of €475 million available to the developer HB Reavis for the refinancing of the Varso Place complex in Warsaw.
Varso Place is a mixed-use project with offices, a hotel, retail space and restaurants. The complex, which covers a total of 144,000 sqm, consists of three buildings: In addition to Varso 1 and Varso 2, there is an office tower designed by the renowned architectural studio Foster + Partners, the so-called Varso Tower.
“We are convinced about the success of the Varso Place project with its central location, architectural quality and consideration of ESG criteria,” says Beata Latoszek, Head of the Warsaw Representative Office of Deutsche Hypo – NORD/LB Real Estate Finance.
Barbara Sikora joins GTC as CFO
GTC announced that Ariel Ferstman, the company’s CFO, will move from his current position to lead GTC’s expansion into new markets and sectors, including PRS. As a result, Barbara Sikora has been appointed to the GTC Board as CFO, bringing with her extensive experience in the financial and real estate sectors.
“On behalf of the Board, I would like to thank Ariel for his great contribution to our company. Over the last few years, Ariel has repeatedly demonstrated his expertise, breadth of experience, understanding of the markets and, above all, bold decisions that have put GTC in a strong financial position, allowing us to grow and make new investments,” said Zoltán Fekete, GTC’s President of the Management Board.
Barbara Sikora, GTC’s newly appointed CFO and board member has almost 20 years of experience in the construction and real estate sector specialising in finance, asset and operational management.
Iulius opens the biggest office building in Romania
Romanian developer Iulius has inaugurated Palas Campus, the biggest office building in Romania with a total leasable area of 60,000 sqm, of which 54,000 sqm are offices and the rest retail premises. The project was completed following an investment of more than €120 million.
The biggest tenant in Palas Campus is e-commerce giant Amazon. Microsoft and Visma Software Romania are also among the 13 multinational firms that have taken space in the project.
“It is an attractive project, unique from many perspectives, with a mission geared towards developing and supporting the city, a strong focus on sustainability,” said Iulian Dascălu, Iulius’ President.
Forty Management officially launches Central District Lagoon City
Forty Management announced that it has started work on the development of Central District Lagoon City Bucharest, a unique, mixed-use urban redevelopment project. The value of the investment in Romania exceeds €120 million, while the projects scaled up in Budapest, Prague and Warsaw will have investment values between €140 and €190 million each, depending on the mix and the needs identified in these markets.
To develop the Lagoon City concept, Forty Management acquired the Crystal Lagoons® franchise, an innovative American technology company for the development and implementation of sustainable lagoons and artificial beaches, with more than 1,100 projects completed or in various stages of execution in over 60 countries. Forty Management has obtained the rights to implement Crystal Lagoons® in Hungary, Poland, the Czech Republic and Romania.
“We are delighted to partner with Forty Management to bring the revolutionary Crystal Lagoons® concept and technology to Bucharest, Budapest, Prague and Warsaw,” said Francisco Matte, Crystal Lagoons® Regional Director.
“With this extraordinary project, we aim to redefine the notions of lifestyle and entertainment, bringing all these high-end amenities right into the city centre and transforming Bucharest into a holiday destination with turquoise waters and idyllic beaches,” said Lucian Azoiței, Forty Management’s CEO.