pbb provides €66 million medium term credit facility to REICO for the acquisition of Proximo 1 office building in Warsaw – EuropaProperty

pbb Deutsche Pfandbrief-bank provided an investment facility of €66 million to the open-ended fund ČS nemovitostni fond, the biggest real estate fund on the Czech market. It is managed by REICO investiční společnost České spořitelny, a.s.. ČS nemovitostni fond will use the proceeds for the acquisition of the newly built Proximo I office building in Warsaw from developer and vendor Hines. The transaction closed in August 2017. pbb acted as arranger and sole lender under the facility.

Proximo I is one of two A-class office blocks in the Proximo complex in the dynamically developing Wola district on the outskirts of the Warsaw Central Business District. It is located next to Warsaw’s major public transport hubs with a number of tram and bus lines, complemented with Fast Urban Rail and Warsaw Commuter Rail. The building was designed by UK-based Rolfe Judd and featuring unique interior designs by Italian Pininfarina. The asset offers a gross lettable area of over 29,000 sqm. It is currently almost fully let to a mix of international and national tenants.

Charles Balch, Head of International Clients, UK & CEE at pbb Deutsche Pfandbriefbank said: “We are very pleased to support REICO IS ČS in this Polish office acquisition, and we are looking forward to other transactions with them, both in Po-land and the Czech Republic. The deal underlines our continued strong interest in the CEE real estate markets, and Poland in particular.”