A consortium led by Bank Pekao and Santander Bank Polska has extended a €103.4 million construction and investment loan to AFI Europe and Echo Investment for the Office House building in Warsaw, along with a PLN 20 million VAT working capital loan. The first phase of the Towarowa 22 mixed-use project is set to be completed by spring 2025.
Office House, the initial component of the Towarowa 22 project, is being developed between Towarowa, Pańska, and Miedziana streets in Warsaw. This nine-storey building will provide 31,000 sqm of office and retail space.
“The loan to Office House, one of the largest this year for an office project in Warsaw, demonstrates the strong confidence financial institutions have in our development strategy. Towarowa 22 is yet another project of ours that significantly benefits Polish cities and the local economy,” said Grzegorz Iwański, Echo Investment’s Financing Director.
“We are excited to finance this remarkable project that will transform the center of Warsaw. Bank Pekao is committed to supporting large-scale investments with our expertise and resources, remaining a dependable, long-term partner for our clients,” added Dieter Lobnig, Director of Bank Pekao’s Investment Banking and Real Estate Finance Department.
“We congratulate AFI Europe and Echo Investment on their vision to create an exceptional mixed-use space that will greatly benefit businesses, the local community, and Warsaw. Santander Bank Polska is proud to support the Towarowa 22 project, which aligns with ESG and environmental standards. We will continue to back projects that bring value to Poland,” stated Brendan Long, Director of the Commercial Real Estate Finance Department at Santander Bank Polska.
Echo Investment, a prominent Polish developer, undertakes residential, retail, and office real estate projects. Listed on the Warsaw Stock Exchange since 1996, the company is part of the sWIG80 index and reported consolidated revenues of PLN 1.57 billion in 2023.
