GTC with €46.5 million of refinancing for Korona Office Complex – EuropaProperty

GTC S.A. signed €46.5 million new loan agreement with BZ WBK for refinancing of Korona Office Complex. The complex offers about 36,800 sqm GLA and is at the moment one of the most state-of-the-art facilities in Kraków.

The new loan improves significantly the financing conditions and the debt maturity profile. Korona Office Complex was constructed in 2003-2014 and underwent significant refurbishment in 2017. It currently accommodates several Polish and international companies from IT, finance, BPO, consulting and other sectors. Total office space amounts to about 36,800 sqm GLA and each building is of a high quality standard.

“Signing this loan agreement proves the high quality of the Korona complex and certifies the financial solidity of GTC. We are glad to receive the new loan at attractive conditions, which enabled us to raise free cash, yet grow the FFO and improved the FFO yield that we generate. Such refinancing activity is one of our key success factors in capital recycling and growth funding,” said Erez Boniel, GTC’s CFO.

The complex provides intimate atmosphere and functionality with the fully fitted open space. Its excellent location in the very city center enables quick and easy connection to the city centre of Kraków, railway station, Balice Airport, as well as 15 minutes to the A4 expressway entrance. Thanks to the revitalization of the complex in 2017, Korona Office Complex now offers unique service points, such as salt cave, gym, and a fully-equipped conference room for the exclusive use of tenants, which makes it one of the most modern locations in Kraków.

Korona Office Complex has a prominent tenant portfolio. In 2016 IBM, GTC’s long-term client, signed a lease extension for the Galileo building for another 5 years and the company now occupies over 16,000 sq. m GLA in the complex. In addition to IBM Business Consulting Services, office tenants include Raiffeisen Bank Polska, Scanrent, Halliburton, State Street, Genpact, Hitachi Vantara, Deloitte, and Arup.