Deutsche Pfandbriefbank agreed to refinanced W.P. Carey’s recent acquisition of Lipowy Office Park in Warsaw. The medium-term loan amounts to €55m and will partially cover the purchase price. The transaction closed earlier this month. This is the second loan underwritten by Deutsche Pfandbriefbank for W.P. Carey on the Polish market within the past six months. W.P. Carey took over Lipowy Office Park in March for €155m.
The 34,900 sqm Lipowy Office Park is entirely leased to the UniCredit-owned Pekao Bank on a long-term basis. The project was delivered to the Warsaw market in 2009 by Hochtief Development Poland. Located in the city’s Ochota district, the complex comprises of four nine-story office buildings.
