{"id":41936,"date":"2026-03-17T13:32:21","date_gmt":"2026-03-17T13:32:21","guid":{"rendered":"https:\/\/www.europesays.com\/dk\/41936\/"},"modified":"2026-03-17T13:32:21","modified_gmt":"2026-03-17T13:32:21","slug":"hb-reavis-secures-e510m-refinancing-for-warsaws-varso-place","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/dk\/41936\/","title":{"rendered":"HB Reavis secures \u20ac510m refinancing for Warsaw\u2019s Varso Place"},"content":{"rendered":"

HB Reavis has secured a \u20ac510 million refinancing of its Varso Place<\/a> complex in Warsaw, an office-led mixed-use development that includes the EU\u2019s tallest tower.<\/p>\n

The developer agreed the refinancing with five incumbent bank lenders to the project, and two additional banks, adding \u20ac35 million of debt compared with the previous financing of the complex in 2023. HB Reavis said the deal was completed on \u201cimproved terms\u201d to the previous financing.<\/p>\n

The transaction was divided into a \u20ac258 million facility for the main element of the scheme, Varso Tower, and \u20ac252 million for the associated buildings Varso 1 and Varso 2. The loan is due to mature in September 2030.<\/p>\n

PKO Bank Polski and Erste Group Bank joined the existing lender consortium, providing \u20ac85.5 million and \u20ac55 million, respectively. The five other lenders in the deal comprised: Santander Bank Polska, which provided \u20ac100 million; Germany\u2019s Helaba with \u20ac100 million; Bank Pekao with \u20ac89.5 million; Berlin Hyp with \u20ac40 million; and Deutsche Hypo \u2013 NORD\/LB Real Estate Finance with \u20ac40 million.<\/p>\n

In total, Varso Place contains 1.6 million square feet of space. The most recent addition to the complex is the circa 1,000-foot tall Varso Tower, which was completed in 2022. The tower was designed by architecture firm Foster + Partners. It mainly contains offices, plus a restaurant. The lower-rise Varso 1 and 2 buildings contain offices, hotel space, retail and restaurants. The scheme holds a BREEAM \u2018Outstanding\u2019 certification, as well as a WELL Gold standard.<\/p>\n

The previous financing<\/a>, of \u20ac475 million in February 2023, was claimed by HB Reavis to be the largest commercial real estate financing in the Central and Eastern European region for a single asset at that time.<\/p>\n

Tomas Krajcir, chief financial officer at HB Reavis, said the trust of the lenders and \u201cimproved conditions within financial markets\u201d enabled the firm to increase the financing amount and secure more favourable terms this time around.<\/p>\n

Lender appetite for prime, sustainable office assets in European markets has increased this year, according to market sources. Explaining PKO Bank Polski\u2019s decision to join the financing consortium, Agata Gola, the Polish bank\u2019s head of property finance, described the scheme as \u201cone of the most modern and sustainable projects in Poland, which is evident in the strong interest from tenants in the office sector\u201d.<\/p>\n

She added: \u201cBy supporting such investments, we affirm the strategic direction of the real estate market, driven by innovation, sustainability and excellence.\u201d<\/p>\n

A July report by property services firm BNP Paribas Real Estate noted an uptick in new office space in the Polish capital. The firm said the Warsaw office market saw new supply peak during Q2 at almost 861,000 square feet, the highest quarterly total since late 2022. Completions included The Bridge, a 506,000-square-foot scheme developed by Ghelamco.<\/p>\n

However, Ma\u0142gorzata Fibakiewicz, senior director of office agency at BNP Paribas Real Estate Poland, said developers have significantly scaled back new projects, with 1.6 million square feet under construction in Warsaw, which she described as \u201cthe lowest development pipeline in years\u201d. She added: \u201cModern office space is likely to become scarcer in the coming years, especially in prime locations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"HB Reavis has secured a \u20ac510 million refinancing of its Varso Place complex in Warsaw, an office-led mixed-use…\n","protected":false},"author":2,"featured_media":41937,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[95],"tags":[6020,23691,23692,182,23693,181],"class_list":["post-41936","post","type-post","status-publish","format-standard","has-post-thumbnail","category-warsaw","tag-banks","tag-borrowers","tag-offices","tag-poland","tag-refinancing","tag-warsaw"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@dk\/116244771524569037","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/41936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/comments?post=41936"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/41936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media\/41937"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media?parent=41936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/categories?post=41936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/tags?post=41936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}