Echo Investment Capital Group and EUROHYPO AG bank concluded a credit agreement of the value of 50 MILLION EUR.
The means obtained on the basis of the aforesaid agreement shall be assigned for refinancing of building costs of the Park Postepu office complex, being constructed in Warsaw. The credit shall be transferred in five installments, by 30 September 2010, inclusive. The final term of the credit repayment is 31 January 2020.
„It is this year’s biggest credit transaction on the real estate market. Taking into account the present economic situation, prolongation of procedures it causes and more rigorous policy adopted by financial institutions towards the whole developer’s branch, I think, that signing of the credit agreement in a relatively short time is a big success of both Echo Investment and Eurohypo bank. We achieved the agreement in the matter of granting the credit thanks to co-operation and, first of all, the good will of both parties. I am convinced, that presently conducted negotiations concerning financing of our further projects shall end with a similar success.” – said Mr. Grzegorz Iwański, Financing Department Director, conducting the transaction on Echo Investment side.
Representing Eurohypo Dariusz Salamonowicz, Transaction Manager, said: „Echo Investment is our proven partner, with whom we have been co-operating for many years, basing on mutually elaborated standards. The total amount of credits granted to Echo Investment Capital Group exceeded 350 MILLION EURO. The developer’s position is always significant upon making of a decision concerning credit. We evaluated very well the financed project. Park Postepu has all the features which, from the point of view of the bank, guarantee safety of a transaction: very good localization, appropriate quality of architecture and workmanship, proper level of advancement of execution and lease of the project and also stable leaseholders.”
Piotr Gromniak, the President of Echo Investment Management Board, commented on the fact of signing the agreement with Eurohypo: „I am glad, that financial institutions open up for the developers’ needs, and I hope that the agreement with Eurohypo may be interpreted as the beginning of a change of the unfavourable market tendencies. Apparently decisions concerning financing of good and secure projects may be taken without needless delay, especially in the situation, where more and more positive signals come to us from various sectors of the market. In projects of Echo Investment the agreements are signed with leaseholders in office buildings, the interest in commercial areas in shopping and entertainment centers does not decline and, after a certain breakdown, the pace of apartments’ sale is stabilizing. Increase of accessibility of investment credits may certainly consolidate this positive tendency. Echo Investment is soon going to introduce further, equally well-prapered investments to the market, which certainly shall facilitate their crediting, executing and commercialization.”
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PARK POSTĘPU is a modern A class office complex, consisting of 4 buildings connected by the ground floor. The complex is being constructed in Mokotów district in Warsaw, on the land plot at the junction of Postępu and Domaniewska streets. Each of the buildings has 7 overground storeys and 2 underground storeys.
The construction of PARK POSTĘPU began in January 2008. At present the construction works are conducted by Modzelewski & Rodek. The first tenants will be able to start work in the complex in the IIIrd quarter of 2009.
The design of PARK POSTĘPU was elaborated in the Warsaw design studio APA Wojciechowski.
All-in, PARK POSTĘPU has approximately 33 thousand sq.m. of usable area. The complex shall be equipped in more than 800 parking places.
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EUROHYPO AG is one of the biggest European banks specializing in financing on investments of the real property market. The bank has branch offices in Europe, United States of America and Asia. So far Eurohypo and Echo Investment co-operation has comprised finacing of such projects as shopping-entertainment center: Pasaż Grunwaldzki in Wrocław and Galaxy in Szczecin and office project: Postępu 3 and Athina Park in Warsaw.
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