pbb Deutsche Pfandbriefbank provided an investment loan and a VAT facility of €90 million in total to two real estate funds managed by Credit Suisse Asset Management. The funds will utilise the proceeds for the acquisition of the prime office building “Astoria” in Warsaw from the developer Strabag. pbb acted as arranger and sole lender under the facilities.
Astoria is an A-class office building located in Warsaw’s central business district close to Marszalkowska Street and Jerozolimskie Avenue. It is fully let to a very good tenant mix of international and state-owned companies. The 10-storey building offers a gross lettable area of over 19,000 sqm and is characterized by sustainable, high-quality construction in an attractive location, providing excellent access to public transport.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "We are very pleased to support Credit Suisse Asset Management Global Real Estate across Europe and in this case with this Polish office acquisition. The deal underlines our continued strong interest in the CEE real estate markets, in particular in the office markets in key cities.”
Holger Herb, Head EMEA at Credit Suisse Asset Management Global Real Estate said: “Astoria is one of the most prestigious buildings in Warsaw, situated in a superb micro location and characterized by its high construction quality and sustainability. We are very pleased to be working with pbb on this acquisition as one of our long-standing financing partners.”
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