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Student accommodation
The debt was provided to real estate credit manager Zenzic Capital and developer Torsion Group.
PKO Bank Polski and ING Bank Śląski have refinanced Poland’s largest provider of PBSA assets.
Paris-based Ardian’s Antoine Leboulanger says there is plenty of bank financing liquidity for the asset class.
The two deals by the manager bring its European lending in the past 12 months to €700m.
Borrower Fusion Group says the deal represents one of the largest single-lender debt packages for UK PBSA.
CFO Ryan Lee says banks were eager to support the company’s purchase of Livensa from Brookfield.
The green loan will support the development of two city centre tower blocks.
The country leads European student accommodation investments, while having the lowest bed provision rate on the continent.
The manager says the asset class has accounted for more than half of its European lending to date.
Despite a risk-off environment, lenders are ‘having to get their heads around’ operational deals given the uptick in activity in the space.