The Slovak subsidiary of Erste Group announced last week that it has signed an agreement to refinance the Forum Business Center I office development in the central business district of Bratislava.
The Slovak subsidiary of Erste Group announced last week that it has signed an agreement to refinance the Forum Business Center I office development in the central business district of Bratislava.
The bank is providing a five-year loan of EUR 29 mln to developer HB Reavis for the project, which will be used to cover up to 70% of construction costs. The planned investment volume for the scheme is roughly EUR 37.5 mln.
Richard Wilkinson, CEO of Erste Group Immorent, said the partnership was made possible by the group's strong presence in the real estate markets of Central and Eastern Europe. 'This is the fifth project that we are carrying out with HB Reavis.' In the past few years, the group has financed the Aupark shopping and entertainment centre, Apollo Business Center I and Aupark Tower in Bratislava as well as the River Garden Office in Prague.
The office complex will offer a gross lettable area of ??18,700 m2 and is almost fully leased to SlovakTelekom, which plans to use it as its new headquarters. Completion of the first phase of construction is scheduled for the end of the second quarter of 2013. The asset is targeting a Breaam Excellent rating.
