A syndicate of four banks granted HB Reavis a loan for refinancing the Varso Place project, a mixed-use scheme in central Warsaw. The total amount of €475 million makes it the largest non-portfolio loan in the history of the commercial real estate market in Poland and one of the biggest in Central and Eastern Europe. The last stage of Varso Place, Varso Tower, was delivered in 2022.
Varso Place was built next to the Warsaw Central Station. The three buildings offer a total of 144,000 sq m of leasable space, including offices, a hotel, an innovation hub and retail units. What sets the project apart is the 310-metre Varso Tower designed by Foster + Partners. Certified against the BREEAM (Outstanding) and WELL (Gold) schemes, the Varso Place buildings have won many accolades for the best commercial real estate project in Poland and Central Europe.
Its location, quality and occupancy rate were recognised by the banking syndicate of Santander Bank Polska as Agent and Underwriter (€165 million), Bank Pekao as Security Agent (€85 million), and Helaba and Berlin Hyp as Original Lenders (€125 million and €100 milion, respectively), which granted the developer additional funding for the project, increasing the original €350 million loan to €475 million.
HB Reavis was advised by Dentons, and DLA Piper advised the bank syndicate. Arcadis served as the technical advisor.
