Warsaw Spire financed with €370m loan

Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank have jointly underwritten the debt facility.

Belgian developer Ghelamco has sourced a €370 million senior loan from a trio of German banks to refinance the Warsaw Spire office complex, located in the Polish capital.

Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank have jointly underwritten the debt facility for the complex of three buildings, totalling 115,000 square meters of gross leasable area. It is owned by the European property fund of Ghelamco, which launched in 2016.

The three banks acted as joint lead arrangers, providing equal portions of the debt financing, with Helaba acting as facility and security agent of the transaction, which closed in August.

“It is a typical real estate loan, with standard security,” Martin Erbe, head of international real estate finance continental Europe at Helaba told Real Estate Capital. “The office market in Warsaw is certainly challenging but we believe in good projects and excellent locations with a strong sponsor background,”Erbe added.

The main building of the complex, Warsaw Spire A, offers around 60,000 square metres of office space on 47 floors in a 220-metre tower, neighboured by two 55-metre auxiliary buildings – Warsaw Spire B and C.

“Implemented in the scheme, are new technologies and green solutions which have attracted exceptionally well recognised tenants, committing to long leases on sustainable rents,” Helaba said.

Helaba has been active in Poland for more than 10 years. The country is one of the foreign target markets for Berlin Hyp and is a particular focus for pbb within CEE real estate markets.

Ghelamco is the most dominant developer and investor in the Polish market, having delivered more than 1.1 million square metres of office, residential, commercial, and warehouse space over the past 26 years.