Warsaw, January 16, 2015 – Bank Zachodni WBK has provided a EUR 62.6 million loan facility to a subsidiary of Polonia Property Found LP (Polonia I), managed by Peakside Capital. The facility refinances existing facilities of Wiśniowy Business Park and is transferable in the event the property is sold (subject to Lender approval). The transaction was closed on the 27 of November 2014. Peakside Capital were advised by Colliers International.
Wiśniowy Business Park was Warsaw’s first office business park and given the ambience and enduring construction quality has successfully retained many key tenants since delivery. The property comprises six office buildings of GLA 40,000 sqm on a 5.6 ha site, together with 690 basement and 680 surface car parking spaces. The property is conveniently located on the city/airport expressway and benefits from recent intercity road infrastructure upgrades. Only 4 km from Warsaw Chopin International airport, a short walk from a suburban WKD rail link and numerous bus links, the property is liked by tenants and employees alike.
Konrad Pazorek, Finance and Debt Procurement Manager of Peakside Polonia Management said: “We are delighted to have further cemented the relationship with Bank Zachodni WBK through the staple refinancing of Wiśniowy Business Park. As we focus on deployment of new equity recently raised, we will continue to asset manage the property until disposal and believe a pre-packaged debt product will help facilitate this goal.”
Brendan Long, Head of Corporate Finance of BZ WBK, said: “We are delighted to support our longstanding client with this important refinancing. The property benefits from very sustainable cash flow and we are pleased to lend on a property of this quality in this location.”
Tony Pinnell, Director of Property Finance at Colliers International, said: “We are delighted to have supported Peakside Capital in this refinancing process, the property had strong interest from the lending market given the sustainable rental cash flow and enduring property quality.”