The Murapol Capital Group refinanced the entire existing debt and obtained a new loan on favorable terms from the consortium of Bank Pekao SA and Santander Bank Polska SA in the amount of PLN 550 million.
One of the leading Polish developers on the residential real estate market is consistently implementing the plan of rationalizing the financing structure supporting the sustainable development of nationwide operations. The loan agreement covers a 3-year financing period.
The Murapol Group has gained a partnership of two strong banking institutions – Bank Pekao SA and Santander Bank Polska SA, in the form of syndicated refinancing in the total amount of PLN 550 million. The amount of PLN 300 million will be allocated to refinance the current debt, while the amount of PLN 250 million will be allocated by Murapol to finance further operational development of the Group.
“We are glad that our banking partners appreciated the high potential of GK Murapol. In these undoubtedly difficult times for the industry, limited access to mortgage loans, significant drops in sales of new apartments and general uncertainty of customers, the Murapol Capital Group proves its resistance to the crisis, while investing in the future development. Thus, I would like to thank our banking consortium, ie Bank Pekao SA and Santander Bank Polska SA, for the convenient and flexible terms of new financing of the Murapol Group’s operations, which we have managed to work out together. The obtained funds were used to fully refinance the current debt and will allow for further strengthening of the leading position of the Murapol Group on the Polish development market through investments in a land bank and ongoing development projects,” says Przemysław Kromer, CFO and member of the management board of the Murapol Group.
The successfully completed refinancing project allows to maintain the concentration of the entire Group’s debt in one banking syndicate and to maintain flexibility in the use of funds due to the open nature of financing. The consortium’s agent is Bank Pekao SA, which cooperated with the Murapol Group as part of the previous refinancing, and both banks got to know the Company, its business model and unique attributes perfectly during the approach to the IPO in 2021.
“We are very proud of the Murapol Group’s operating model, which proved to be effective in periods of recession, as evidenced primarily by the excellent operating results compared to the industry. The trust of leading banks and the unprecedented loan amount in the history of the Group clearly confirm that we are on the right path,” adds Przemysław Kromer.
During the three quarters of 2022, the Murapol Capital Group was characterized by strong sales to retail customers supported by transactions for PRS. In the period from January to September this year. The Murapol Group sold 2,665 apartments, including 2,091 retail clients, and 574 in the design & build formula for PRS. In the analyzed period, the developer handed over the keys to a total of 2,649 units, including 444 keys to the units under PRS projects. The Group has introduced 2,106 new apartments in 9 cities in Poland.
