Deutsche Hypo finances Gdansk Office Properties FORMAT for Greenstone

Deutsche Hypo – NORD/LB Real Estate Finance financed the Gdansk office property FORMAT for the Polish real estate company Greenstone. The financing volume of €31 million is split into a real estate loan of €22 million with a term of 3.5 years and a one-year VAT loan of €9 million.

Located in the Oliwa business district, the buildings were constructed in 2022. It extends over five upper floors and two lower ground floors. The approximately 16,500 sqm are nearly fully let to nine tenants. FORMAT has received LEED Platinum certification. Its sustainable construction is reflected, among other things, in the fact that energy is partly generated with the help of photovoltaic panels and recycled materials used in construction.

“With FORMAT we are financing sustainable office properties in the main office district of Gdansk that is very well connected to public transport,” says Beata Latoszek, Head of the Warsaw representative office of Deutsche Hypo – NORD/LB Real Estate Finance. “We are pleased to have gained Greenstone as a customer and are proud of the speedy progress made throughout the entire loan process in just under two months”.

“We greatly appreciate the smooth cooperation with Deutsche Hypo – NORD/LB Real Estate Finance on this transaction. Greenstone has been investing in the Tricity office market since 2017, generating outstanding returns for its clients. We are pleased that we can continue our investment journey with the acquisition of FORMAT, whose key advantages include a strategic location in Gdansk and an unparalleled finish quality,” says Marcin Gajewski, Partner, Greenstone.

The market value report was prepared by Colliers, and the legal support for the deal was provided by Wolf Theiss.