Helaba Landesbank Hessen-Thüringen has agreed to refinance EUR 250 million in a property-backed deal involving Immoeast properties Silesia City Center, a shopping center in Katowice, and two office buildings in Warsaw.
Immoeast AG acquired Silesia City Center, the largest cutting edge shopping center in Upper Silesia in 2005. Katowice is at the center of the booming region of Upper Silesia, and is one of Poland’s leading economic centers. The attractive Silesia City Center encompasses a total of 110 000 sq. m with a net rentable area of 65 800 sq. m, room for 240 outlets, and 3 000 parking spaces. 100 percent of the available space in the shopping center has been leased on long-term contracts since its opening, underlining the success of the site. High footfall and demand from potential tenants for additional space have led to the decision to begin expanding the shopping center in 2010 with an additional 18 500 sq. m over two floors. Completion is scheduled for March 2011*, with a total of around EUR 48 million to be invested in the expansion.
“Due to our portfolio’s long-term earning power and stable development, we were able to secure refinancing for our properties despite such a difficult economic climate”, says Dr Eduard Zehetner, CEO of Immofinanz Group.
* Latest update says about Q4 2011 as the completion date.
source: Immoeast AG