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EBRD makes US$ 65.6 million loan and US$ 3 million equity investment in banking centre in Warsaw
The European Bank for Reconstruction and Development (EBRD) today announced it has approved a loan of US$ 65.6 million (ECU 50.8m), and a 12% equity investment of US$ 3 million (ECU 2.34m) to help finance the design, development, construction and operation of the NBP (National Bank of Poland) Banking Centre in central Warsaw.
Part of the loan will be syndicated to other lenders. This will be the Bank's first real estate financing.
The National Bank of Poland will be the anchor tenant, occupying one third of the 40-storey, 75,000 square metre (800,000 square feet) building. The remaining space will be leased to foreign and Polish corporations.
The NBP Banking Centre will address the acute shortage of quality office space and parking in Warsaw and stimulate foreign investment by providing a facility to house major corporations entering Poland. The project will also provide employment for the local construction industry and bring new standards of building design and construction to Poland.
The project is being carried out by Emilii Plater Partners Ltd, a joint venture among the National Bank of Poland, Golub Epstein Partnership (GEP) and the EBRD. GEP is an American joint venture between two Chicago-based companies, Golub & Co., a real estate developer, and A Epstein & Sons, International, an architectural engineering firm.
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