HB Reavis has secured a EUR 29 mln financing facility for its Forum Business Center I office project, which is under construction in the Slovak capital Bratislava.
HB Reavis has secured a EUR 29 mln financing facility for its Forum Business Center I office project, which is under construction in the Slovak capital Bratislava.
The funding comprises the construction loan covering investment costs up to 70%, with a further increase upon completion and a maturity of five years. The lender is Slovakia's largest bank Slovenská sporite¾òa. The bank is owned by Austria's Erste Banking Group.
HB Reavis revealed that several local and international banks bid for the financing tender but sporite¾òa offered the most attractive conditions.
Total project investment costs will amount to EUR 37.5 mln.
The construction of the first stage of Forum Business Center with a total leasable area of 18,700 m2 commenced in November 2011. The building will be completed by the end of the second quarter next year.
Forum Business Center is designed to obtain BREEAM Excellent sustainability certification.
HB Reavis Group is an international commercial property developer headquartered in Luxembourg and operating in Slovakia, Poland, Hungary, Croatia and the Czech Republic. Since its foundation in 1993, the group has delivered office, retail and logistics projects totalling more than 600,000 m2. Its portfolio of projects and existing assets is valued at EUR 1.4 bn.
