Helaba Landesbank Hessen-Thüringen has agreed to refinance €250m in a property-backed deal involving Immoeast properties: the Silesia City Center mall in Katowice, and two office buildings in Warsaw.
Immoeast acquired Silesia City Center, in 2005. Katowice is at the center of the booming region of Upper Silesia, and is one of Poland’s leading economic centers. Silesia City Center encompasses a total of 110,000 sqm with a net rentable area of 65,800 sqm, room for 240 outlets, and 3,000 parking spaces. It’s been fully leased on long-term contracts since opening. A €48m expansion of the mall is going to take place still in 2010. Two floors, totaling 18,500 sqm will be added. The expansion’s completion is scheduled for March 2011.
The office buildings in the deal are Warsaw, Brama Zachodnia and IO-1. Completed in 2001, Brama Zachodnia has a net rentable area of around 24,000 sqm. IO-1 was completed in 2007, and offers a net rentable area of 23,500 sqm.