Marvipol secured a refinancing loan from mBank for its Prosta Tower office project in Warsaw. The transaction will make it possible for the developer to release PLN 25m in equity to fuel upcoming land acquisitions. The 18-story office building, offering more than 6,000 sqm of commercial space, is currently 96 percent leased. Talks with new tenants are underway. Mariusz Książek, Marvipol’s CEO, said that Prosta’s prominent location is attracting a lot of attention from potential tenants. The project is expected to gain value in the medium-term. Książek added that his company plans to spend up to PLN 70m this year to expand its land bank with up to two plot acquisitions.
This is the second loan secured by Marvipol within the last couple of months. Bank Ochrony Środowiska (BOŚ) backed the developer with a PLN 30m development loan to complete another phase of its Central Park Ursynów project. BOŚ also gave Marvipol extra time to pay back a previous loan to cover the land purchase for Central Park Ursynów. The developer now has until 2017 to repay the loan. “Our goal is to reduce the LTV ratio in the development sector, thus we’ll keep to our conservative approach to external financing,” Książek said.
