pbb Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €130 million to refinance “Dock In Office Park” (4 buildings) in Prague for Crestyl Group. pbb and Helaba acting as Joint Lead Arrangers providing equal portions of the funding; pbb also acted as facility and security agent of the transaction.
Dock In Office Park is part of the Dock project in Prague 8 where Crestyl has created a new quarter along the Vlatava River offering office and retail space as well as apartments along the marina. Dock In One to Four consist of four modern class A, multi-tenanted office buildings which were completed between 2013 and 2020. Dock In Five is currently under construction and expected to complete in 2022. The combined gross lettable area totals 58,254 sqm and is let to sound tenants such as Publicis Group, Saint-Gobain, Henkel, Hornbach and LEGO Trading as well as Crestyl Group itself.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: “Dock In is a popular class A project in Prague 8 and we are very pleased to support Crestyl in the refinancing, together with our colleagues from Helaba. The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities.”
Martin Erbe, Head of Real Estate Finance International Clients Germany, CEE & Benelux at Helaba, commented: “With the Dock project, Crestyl has created a wonderful mix of living, working and leisure. This lighthouse project represents a benchmark for future developments where people feel comfortable, while at work and also outside the office. We at Helaba are very pleased to finance this outstanding landmark for Crestyl together with pbb. Even if times are hard, together with good partners it can be managed.”
Premek Hubrt, Crestyl Group CFO, said: “Refinancing the office part of our unique Dock project located on the riverbank in the wider centre of Prague was a strategic decision for us, gives us free rein for the development of our other projects. This is our largest transaction with a consortium of foreign banks and we believe that the cooperation will continue in the future.”
