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PLN 25 mln loan for Roma Tower

Rafał Ostrowski 13 December 2019

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

PLN 25 mln loan for Roma Tower
How Roma Tower would look from the north-end of ul. Emilii Plater

POLAND BBI Development has announced that it has signed a loan agreement with a Polish investor (the identity of which has yet to be disclosed) for up to PLN 25 mln for the development of the Roma Tower office and hotel project at the junction of ul. Emilii Plater and ul. Nowogrodzka in Warsaw.

The loan is to finance further preparation work (including demolition) and other costs of the development project and to partially refinance already incurred expenditure. According to the agreement, the loan will be paid out in two tranches, the first within two months of the date of the contract and amounting to PLN 10 mln, and the second (PLN 15 mln) to be received by the end of 2021. The repayment date for the loan has been set for June 30th, 2022.

The loan will be secured by a mortgage on the perpetual usufruct of the real estate via special purpose vehicle responsible for the project: PW sp. z.o.o. sp.k, which is jointly owned by BBI Development, the Archdiocese of Warsaw and the Parish of St Barbara.

The planned tower is to be 170m in height and will contain 55,000 sqm – 20,000 sqm of which is to be offices, while the remainder will comprise a six-star hotel with 200 rooms, a conference centre and around 70 apartments. Construction work on the project is expected to start in 2020.

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