Another bank loan for Echo Investment. The company concluded an agreement with WESTDEUTSCHE IMMOBILIENBANK AG, of the value of 31.785 million EUR, on the basis of which the bank shall finance realization of the office complex MALTA OFFICE PARK in Poznań.
The part of the credit shall be assigned for re-financing of development costs of the first phase of Malta Office Park, the remaining amount shall be assigned to cover costs of construction of the next stage of the project and financing of the Borrower’s current operations. The Parties agreed, that the credit shall be repaid within 63 months from the date of signing the agreement.
„This is another significant development financing incurred recently.” - says Adrian Karczewicz, Director - Project Financing, responsible for the transaction from Echo Investment side - „In today’s economic reality banks have intensely exacerbated the financing criteria and the procedures of projects’ verification. Malta Office Park obtained financing thanks to a high quality of the offer, appropriate advancement of the lease out and a strong position on the Poznań market. Also the experience and brand of the developer was very important for WESTDEUTSCHE IMMOBILIENBANK, especially as this was the first transaction between us so far.”
Piotr Gromniak, the President of the Management Board of Echo Investment said: „Following the agreement with Eurohypo, this is the second loan for Echo project in the time span of just two weeks. At the sime time, a big, international bank joined the group of our partners. This fact confirms opening up of financial institutions for the developers’ needs. I’m glad, that Echo Investment could present another good and reliable project which was well recognized by the management of WestImmo. I am convinced, that soon another positive decisions shall be made concerning our successive projects.”
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Malta Office Park is a modern office complex located at Abp Baraniaka St. in Poznań. The complex comprises six buildings: four 5-floor and two 6-floor buildings. All the buildings are connected through the underground parking. The "open space" standard will assure flexibility in floors arrangements. The whole complex will have nearly 31,000 square meters of leasable area. The number of employees working in the Park will be equal to 2,500-3,000 persons. The strong point of the complex will be approx. 600 parking places in the surface- and underground parking. The office complex will have a number of state-of-art solutions related to technology, security system, as well as monitoring and access control system. The project includes reconstruction of the road system to be adapted to the new needs. The plans are to complete the second stage of the project in 2010.
The design of the Malta Office Park has been prepared in the Poznań architectural office Litoborski-Marciniak.
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Westdeutsche ImmobilienBank is one of the biggest banks in Germany. It offers to its customers a broad range of banking services, among others also in the scope of property financing. The bank has many branches in Germany and also in London, Madrid, Paris, Prague, Warsaw, New York and Tokio. WestImmo is a subsidiary of WestLB Group.
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