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Pbb finances Cedet sale

Nathan North 05 December 2018

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

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.

Pbb finances Cedet sale

POLAND Pbb Deutsche Pfandbriefbank, as arranger and sole lender, has provided a credit facility of EUR 75.4 mln for the recent acquisition of the Cedet building in Warsaw city centre by a Polish company managed by GLL Real Estate Partners on behalf of Korean institutional investors.

The modernist building, on ul. Krucza and ul. Bracka, contains around 23,800 sqm of office and retail space, leased to tenants such as PFR Group, WeWork and Smyk. It was built in 1952 and re-opened by Immobel in May after extensive refurbishment and the addition of a new wing. Immobel sold the property to its present owners at the end of November for EUR 129.5 mln.

"We are very pleased to support GLL and their client in this acquisition. Cedet is a landmark building that has been restored to its former glory and we are proud of being involved in this project. We are looking forward to supporting GLL and their investors in similar transactions in the CEE region and beyond,” commented Charles Balch, the head of international clients in the UK, the CEE region and the USA at Pbb Deutsche Pfandbriefbank.


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