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Helaba loans Atrium EUR 170 mln for Wars Sawa Junior

Nathan North 05 December 2018

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Helaba loans Atrium EUR 170 mln for Wars Sawa Junior
The department store complex was bought from PFCEE for EUR 301.5 mln at the end of October
POLAND Helaba is providing a partly syndicated eight-year loan of EUR 170 mln to Atrium European Real Estate to finance its recent acquisition of the Wars Sawa Junior department store complex in Warsaw city centre.

The refinancing loan will replace the existing bridge loan taken out for the EUR 301.5 mln purchase of the property. The Atrium group’s average maturity following the latest loan has been extended to 5.5 years while the cost of its debt has been reduced to 3.3 pct.

“Wars Sawa Junior is one of the best retail assets in Poland and the acquisition has further enhanced the quality of our portfolio and income. The loan extends our group’s maturity and decreases our overall cost of debt as we continue with the deployment of our portfolio strategy and pro-active optimisation of our balance sheet,” commented Ryan Lee, the CFO of Atrium Group.

Wars Sawa Junior comprises 26,000 sqm of retail and 11,000 sqm of office and storage space. It features such brands as H&M, C&A, CCC, TK Maxx and Zara. It was built in the 1970s since when it has been extensively remodelled and enlarged and now has an annual footfall of around 60 mln shoppers.

Atrium finalised the purchase of the shopping complex from the PFCEE fund managed by CBRE Global Investors at the end of October.

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