HB Reavis’ green project to flourish for €162 million
The Forest office campus is HB Reavis’ second-largest project in Poland after the Varso Place towers. Developed at the intersection of the Warsaw districts of Wola, Śródmieście and Żoliborz, the buildings will offer 78,000 sq m of workspace, accessible ground floors with restaurants and services, as well as a green patio for the office employees and neighbours. The development was financed by a €162 million loan granted by a syndicate of four banks, namely Santander Bank Polska, Bank Pekao S.A., PKO Bank Polski S.A. and BNP Paribas Bank Polska S.A.
The construction of the Forest office campus located near the Arkadia shopping centre has been underway since January 2019. It is one of the largest office projects currently being developed in Europe and one of the greenest in Poland. Its potential has been recognised by a syndicate of four banks: Santander Bank Polska (Loan Agent), BNP Paribas Bank Polska S.A. (Collateral Agent), PKO Bank Polski S.A. (Account Agent) and Bank Pekao S.A. (Arranger), which granted HB Reavis €162 million in construction project funding.
“HB Reavis projects reflect changes in the labour market. They’re created with people in mind as people are the most valuable asset of modern organisations. We want our buildings to meet the needs of their users and boost their productivity as well as possible. At the same time, we’re committed to the highest sustainability standards. The loan speaks to the fact that our approach has been recognised by financial institutions, which increasingly analyse such projects for compliance with the rules of sustainable growth,” says Peter Pecnik, Country CEO Poland at HB Reavis.
The law firms Dentons (for HB Reavis) and DLA Piper (for the banks) helped negotiate the terms of the loan.